Homework Answers
1.
Compute basic earnings per share as follows:
basic earnings per share = Net income - preferred dividends / Weighted average no of shares outstanding
basic earnings per share = 199800 - (7000*4.20%*100) / 41000*12/12 +16000 *8/12 - 4000*1/12
basic earnings per share = 170400 / 41000 + 10667 - 333
basic earnings per share = 170400 / 51334
basic earnings per share =$3.32
Treasury stock is not included in basic eps calculation.
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