On December 31, 2017, Berclair Inc. had 220 million shares of common stock and 4 million...
On December 31, 2017, Berclair Inc. had 220 million shares of
common stock and 4 million shares of 9%, $100 par value cumulative
preferred stock issued and outstanding. On March 1, 2018, Berclair
purchased 30 million shares of its common stock as treasury stock.
Berclair issued a 5% common stock dividend on July 1, 2018. Five
million treasury shares were sold on October 1. Net income for the
year ended December 31, 2018, was $200 million.
Required:
Compute Berclair's earnings per share for the year ended December 31, 2018.
Homework Answers
Basic EPS = Net Income / Weighted average no. of shares of common stock outstanding
Net Income = Net income - Preferred dividend
= $200 million - $4*100*9% million = $164 million
Weighted average no. of shares of common stock outstanding-
| Period | Calculation | No. of shares |
| 1/1 - 12/31 | 220 * 12/12 *1.05 | 231 |
| 3/1 - 12/31 | 30 * 10/12 * 1.05 | (26.25) |
| 10/1 - 12/31 | 5 * 3/12 | 2 |
| Weighted average no. of shares | 206 |
Basic EPS = $164 million / 206 million
= $0.80 per share
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