Homework Answers
Preference dividend payable = 2,400 X $109 X 8% = $20,928
Net income after preference dividend = $242,000 - $20,928 = $221,072
(a)
Earnings per share of common stockholders = Net income after preference dividend / No of common shares
Earnings per share of common stockholders = $221,072 / 100,000 = $2.21
(b)
Earnings per share of common stockholders = Net income after preference dividend / (No of common shares - Treasury stock)
Earnings per share of common stockholders = $221,072 / (100,000 - 12,000) = $2.51
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