Understanding EPS Calculations On its Form 10-K for the year ended December 31, 2015, Bank of...
Understanding EPS Calculations
On its Form 10-K for the year ended December 31, 2015, Bank of
America Corp. reported information related to basic earnings per
share.
Fill in the missing information.
Rounding instruction:
Round answer a. to two decimal places.
Round answer b., c., & d. to the nearest million.
Round answer e. to three decimal places.
| $ millions, except per share amounts | 2015 | 2014 | 2013 | |||
|---|---|---|---|---|---|---|
| Net income | $15,888 | $4,833 | d. | Answer | ||
| Preferred stock dividends | $1,483 | b. | Answer | $1,349 | ||
| Net income applicable to common shareholders | $14,405 | c. | Answer | $10,082 | ||
| Average common shares outstanding | 10,462.282 | 10,527.818 | e. | Answer | ||
| Basic earnings per share | a. | Answer | $0.36 | $0.94 |
Homework Answers
Ans :
a. Basic earnings per share = Net income applicable to common shareholders / Average common shares outstanding
= $ 14,405 / 10,462.282
= $ 1.37685
= $ 1.377
c. Net income applicable to common shareholders = Basic earnings per share * Average common shares outstanding
= $ 0.36 * 10,527.818
= 3790.014
b. Preferred stock dividends = Net Income - Net income applicable to common shareholders
= $ 4,833 - $ 3,790.014
= $ 1042.985 (From c and data in 2014)
e. Average common shares outstanding = Net income applicable to common shareholders / Basic earnings per share
= $ 10,082 / $ 0.94
= 10725.532
d. Net Income = Net income applicable to common shareholders + Preferred stock dividends
= $ 10,082 + $ 1,349
= $ 11,431.
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