The Following Information Was Taken from Wicom's Financial Statements as of December

The following information was taken from Wicom's financial statements as of December 31, 2006. $\begin{array}{lr}\text { Preferred stock - } 100,000 \text { shares authorized, issued and } & \$ 1,000,000 \\\text { outstanding; } \$ 10 \text { par value; } \$ 11 \text { liquidation value } & \\\text { Common stock, par value } \$ 0.50 \text {. Authorized } & 230,000 \\\quad 1,000,000 \text { shares; issued - } 460,000 \text { shares } & \\\text { Capital contributed in excess of par value } & 4,750,000 \\\text { Retained earnings } & (500,000) \\\text { Treasury stock, at cost ( } 50,000 \text { shares) } & (500,000) \\\text { Total stockholders' equity } & \$ 4,980,000\end{array}$

a. Calculate book value per share of common stock.

b. Assume that the company also had $1,000,000 worth of convertible bonds. The bonds are convertible at one $1,000 bond into 150 shares of stock. There are also stock options to buy 120,000 shares at a price of $5 per share. The stock is currently trading at $30 per share.

Recalculate your answer to part a) taking into account dilutive effects of the above.