Newcastle Enterprises had net income for 2018 of $ 112 comma 000. Newcastle had 36 comma...
Newcastle Enterprises had net income for 2018 of $ 112 comma 000. Newcastle had 36 comma 000 shares of common stock outstanding at the beginning of the year and 50 comma 000 shares of common stock outstanding at the end of the year. There were 10 comma 000 shares of preferred stock outstanding all year. During 2018, Newcastle declared and paid preferred dividends of $ 27 comma 000. What is Newcastle's earnings per share? (Round the answer to two decimal places.)
Homework Answers
Newcastle's earnings per share
Newcastle's earnings per share = Net income available to common shareholders / Average number of common shares outstanding
= [Net Income – Preferred dividends] / [(Common shares at the beginning + Common shares at the end)/2]
= [$112,000 - $27,000] / [(36,000 Shares + 50,000 shares)/2]
= $85,000 / 43,000 Shares
= $1.98 per share
“Hence, the Newcastle's earnings per share will be $1.98”
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