1. On December 31, 2020, Berclair, Inc. had 200 million shares of common stock and 3...
1. On December 31, 2020, Berclair, Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Company purchased 24 million shares of its common stock as treasury stock. Company issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $150 million.
Compute earnings per share for the year ended December 31, 2021.
Homework Answers
Calculate weighted average share
| Date | Weighted average share | |
| Jan 1 | 200*1.05*2/12 | 35 |
| Mar 1 | (200-24)*1.05*4/12 | 61.6 |
| July 1 | 184.80*3/12 | 46.2 |
| Oct 1 | 188.80*3/12 | 47.2 |
| Total | 190 |
Earning per share = (150-27)/190 = 0.65 per share
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