Reference no: EM133117249
Question - On January 1, 20xx Sussex Ltd. had 360,000 common shares issued and outstanding. During 20xx the following transactions occurred:
Mar1 issued 157,500 common shares
Apr 30 issued 5% stock dividend
May 31 issued a 3 for 1 stock split
July 31 Acquired 40,000 common shares
Sept 30 Issued 50,000 common shares
In addition to common shares Sussex had 40,000 of 8%, $100 par, cumulative preferred shares outstanding for the whole year. No dividends were declared during the year. Net income for the year was $2,250,000.
Required - Calculate the earnings per share for the year.
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