Homework Answers
(a)-Earnings per share
Earnings per share = [Net Income – Preferred dividends] / Average number of shares outstanding
= [$102,000 - $5,000] / [($16,000 + $24,000)/2]
= $97,000 / 20,000 shares
= 4.85 per share
(b)-Price-Earnings ratio
Price-Earnings ratio = Market price per share / EPS
= $20.37 per share / $4.85 per share
= 4.2 Times
(c)-Pay-out ratio
Pay-out ratio = [(Total dividends – Preferred dividends) / Net Income] x 100
= [($24,480 - $5,000) / $102,000] x 100
= [$19,480 / $102,000] x 100
= 19.1%
(d)-Times Interest Earned Ratio
Times Interest Earned Ratio = [Net Income + Interest Expenses + Income Taxes] / Interest Expenses
= [$102,000 + $10,000 + $28,500] / $10,000
= $140,500 / $10,000
= 14.1 Times
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