Lilac Company has 200,000 shares of ordinary shares outstanding on January 1, 2021. On March 31, 2021, 100,000 additional ordinary shares. On June 30, the company issued 10%, 100,000 convertible...

Extracted text: Lilac Company has 200,000 shares of ordinary shares outstanding on January 1, 2021. On March 31, 2021, 100,000 additional ordinary shares. On June 30, the company issued 10%, 100,000 convertible preference share par value of P20. The preference shares are convertible into 200,000 shares of ordinary shares. On December 31, 2021, Lilac Company reported a net income of P1,140,000 after tax and paid dividends of P300,000 to ordinary and P100,000 to preference shareholders. What is the diluted earnings per share? 3.51 3.42 3.04 3.24