On January 1, 2021, Warren Corporation had 1,000,000 shares of common stock outstanding. On March 1,...
On January 1, 2021, Warren Corporation had 1,000,000 shares of common stock outstanding. On March 1, the corporation issued 200,000 new shares to raise additional capital. On July 1, the corporation declared and issued a 2-for-1 stock split. On October 1, the corporation purchased on the market 600,000 of its own outstanding shares and retired them.
Instructions
Compute the weighted average number of shares to be used in computing earnings per share for 2021.
Increase Months
(Decrease) Outstanding Outstanding Share Months
Homework Answers
| Increase (Decrease) | Outstanding | Months Outstanding | Share Months | ||
| Jan 1 | - | 1,000,000 | 2 | 2/1 | 4,000,000 |
| March 1 | 200,000 | 1,200,000 | 4 | 2/1 | 9,600,000 |
| July 1 | 1,200,000 | 2,400,000 | 3 | 7,200,000 | |
| Oct 1 | (600,000) | 1,800,000 | 3 | 5,400,000 | |
| 12 | 26,200,000 | ||||
| The weighted average number of shares | 2,183,333 | ||||
| (26,200,000/12) | |||||
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