Homework Answers
Calculation of Weighted average shares outstanding
| Date | Outstanding shares | Stock split Restatement | Fraction of months | Weighted average shares | |
| Jan 1-May 1 | Shares outstanding | 686400 | 2 | 4/12 | 457600 |
| May 1- Aug 1 | Issued shares | (686400+308400)= 994800 | 2 | 3/12 | 497400 |
| Aug 1- Oct 1 | Reacquired shares | (994800-160800)= 834000 | 2 | 2/12 | 278000 |
| Oct 1- Dec 31 | Stock split | (834000*2)= 1668000 | - | 3/12 | 417000 |
| Weighted average shares outstanding | 1650000 | ||||
Preferred dividend= 53000*$100*8%= $424000
Earnings per share= (Net income-Preferred dividend)/Weighted average shares outstanding
= ($2540000-424000)/1650000
= $1.28
| Earnings per share | $1.28 |
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Exercise 16-18
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Net income
$2,340,000
Preferred stock: 53,000 shares outstanding, $100 par, 8%
cumulative, not convertible
5,300,000
Common stock: Shares outstanding 1/1
692,400
Issued for cash, 5/1
321,600
Acquired treasury stock for cash, 8/1
160,800
2-for-1 stock split, 10/1
Compute earnings per share. (Round answer to 2 decimal
places, e.g. $2.55.)
Earnings per share
$
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Exercise 16-18
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Net income
$2,340,000
Preferred stock: 53,000 shares outstanding, $100 par, 8%
cumulative, not convertible
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Common stock: Shares outstanding 1/1
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Issued for cash, 5/1
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16.2 #1 PLEASE SHOW ALL WORK
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