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Lee Corp. had 400,000 weighted average common shares outstanding in 2020 and 10,000 weighted average preferred...

Lee Corp. had 400,000 weighted average common shares outstanding in 2020 and 10,000 weighted average preferred shares outstanding in 2020. Lee Corp. reported net income of $900,000 in 2020, and declared and paid $100,000 and $20,000 of common stock and preferred stock dividends, respectively. Compute earnings per share for Lee Corp. for 2020.

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Answer #1

Earning per share = (Net income-Preferred dividend)/Share outstanding

= (900000-20000)/400000

Earning per share = 2.20 per share

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