Homework Answers
The earnings per share = Net income available for common shareholders/ Weighted average number of shares
= 1468500/1303575 = 1.1265 or 1.13
Notes
1) Net income available for common shareholders = Net Income - Preferred Share Dividend
= 2543000 - (307000*50)*7% = 2543000-1074500 = $1468500
2) Weighted Average of shares as of Mar 31 2022
Beginning balance = 909000/4 = 227250
Shares issued = (909000+478000)/2 = 693500
Shares bought back = (909000+478000-104000)/4 = 320750
Weighted average no. of shares = 227250+693500+320750 = 1241500
Stock dividend on common shares =5%
Hence, weighted average no. of shares = 1241500*(1+5%) = 1303575
Please comment in case of any issue and I will be happy to help.
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