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Carbondale Enterprises Had 200,000 Shares of Common Stock Issued and Outstanding

question 70

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Carbondale Enterprises had 200,000 shares of common stock issued and outstanding at December 31,2013.On July 1,2014,Carbondale issued a 10 percent stock dividend.Unexercised stock options to purchase 40,000 shares of common stock (adjusted for the 2014 stock dividend) at $20 per share were outstanding at the beginning and end of 2014.The market price of Carbondale's common stock (which was not affected by the stock dividend) was $25 per share during 2014.Net income for the year ended December 31,2014,was $1,100,000.What should be Carbondale's 2014 diluted earnings per common share,rounded to the nearest penny?

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