Homework Answers
Earnings per share(EPS) = (Net income - Preference dividend) / No. of Common shares
Net income for 2016 = $317,000/-
Preference dividend paid in 2016 = Nil as dividend will be paid on April 30,2017 i.e after 1 year of issue
Common Stock details :
| Debit | Credit | ||
| Jan 1 2016 | Cash | $250,000 | |
| To Common Stock | $250,000 | ||
| May 1 2016 | Land | $480,000 | |
| To convertible preference shares | $480,000 | ||
| Jul 1 2016 | Treasury Stock | $70,000 | |
| To Cash | $70,000 | ||
| Dec 31 2016 | Stock option | $16,800 | |
| To Common Stock | $16,800 | ||
Note : As per the stock option, stock based compensation method, when the common stock of 6,600 is granted, it is not shown in the balance sheet, unlike the restricted stock method.
No. of common stock = 120,000 + 50,000 - 14,000 + 2,800
= 158,800
Therefore EPS = (Net income - Preference dividend) / No. of Common shares
= (317,000 - 0) / 158,800
= 1.996
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