Part A
Event |
Dates outstanding |
Shares outstanding |
restatement |
Fraction of year |
Weighted shares |
Beginning Balance, including 5% stock dividend |
Jan. 1–Apr. 1 |
2100000 |
2.0 |
3/12 |
1050000 |
Conversion of preferred stock |
Apr. 1–July 1 |
2520000 |
2.0 |
3/12 |
1260000 |
Stock split |
July 1–Aug. 1 |
5040000 |
1/12 |
420000 |
|
Issued shares for building |
Aug. 1–Nov. 1 |
5178240 |
3/12 |
1335000 |
|
Purchase of Treasury stock |
Nov. 1–Dec. 31 |
5316000 |
2/12 |
886000 |
|
Total number of common shares to compute basic earnings per share |
4951000 |
2000000*1.05 = 2100000
(2100000+400000+(400000*5%)) = 2520000
2520000*2 = 5040000
5040000+300000 = 5340000
5340000-24000 = 5154240
Part 2
Number of shares to compute basic earnings per |
4951000 |
Convertible preferred stock—still outstanding ((300000) X 2 X 1.05) |
630000 |
Convertible preferred stock—converted (400000 X 2 X 1.05 X 3/12) |
210000 |
Number of shares to compute diluted earnings per share |
5791000 |
Part 3
After-tax net income |
11550000 |
|
Preferred stock dividends |
||
March 31 (700,000 X $0.75) |
525000 |
|
June 30, September 30, and December 31 (300000 X $0.75 X 3) |
675000 |
(1200000) |
Adjusted net income |
$10350000 |
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