At December 31, 2017, Bridgeport Company had 450,000 shares of common stock issued and outstanding, 300,000...
At December 31, 2017, Bridgeport Company had 450,000 shares of
common stock issued and outstanding, 300,000 of which had been
issued and outstanding throughout the year and 150,000 of which
were issued on October 1, 2017. Net income for 2017 was $1,900,000,
and dividends declared on preferred stock were $350,000.
Compute Bridgeport’s earnings per common share.
Homework Answers
Answer---------
| Earnings per share | $ 4.59 |
Working
| No of shares | Outstanding period of shares | Weighted average number of shares |
| 300000 | 12/12. | 300000 |
| 150000 | 3/12. | 37500 |
| Total weighted average shares outstanding during the year | 337500 | |
| Net income | $ 1,900,000.00 |
| Less: Preference dividends | $ 350,000.00 |
| Net income attributable to common stock | $ 1,550,000.00 |
| Net income attributable to common stock | $ 1,550,000.00 |
| Total weighted average shares outstanding during the year | 337500 |
| Earnings per share | $ 4.59 |
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