Homework Answers
a) Average common shares outstanding= (29400+36500)/2= 32950
Earnings per share= (Net income-Preferred dividend)/Average common shares outstanding
= ($158700-4400)/32950= $4.68
b) Price-earnings ratio= Market price per share/Earnings per share
= $13/4.68= 2.78 times
c) Payout ratio= Common stock dividend*100/Net income
= $(24300-4400)*100/158700= 12.54%
d) Income before interest and tax= Net income+interest expense+income tax expense
= $158700+16400+28500= $203600
Times interest earned= Income before interest and tax/Interest expense
= $203600/16400= 12.41 times
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