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Assume that the following data relative to Lane Company for 2015 is available:

Net Income                                                                                                                        $1,100,000

 

Jan. 1, 2015, Beginning number of common shares                                                              500,000

 

Transactions in Common Shares in 2015                                  

On April 1, the corporation purchased on the market 60,000 of its own outstanding shares.  On July 1, the corporation declared and issued a 2-for-1 stock split.  On October 1, the corporation issued 110,000 new shares to raise additional capital.  On December 1, the corporation issued 10% stock dividends.

 

Assume that the company did not issue any dilutive securities.

 

(a)   Compute the weighted average shares outstanding during the year 2015.

 

 

(b)  Compute the basic earnings per share for 2015. (Round to the nearest penny.)


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