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Sea Products Corp. (SPC) reported $6,510,000 of earnings from continuing operations for the 20X4 fiscal year, and an after-tax loss from discontinued operations of $6,010,000. Preferred dividends and a common dividend of $1 per share were declared in 20X4. The average common share price was $23 during the period (adjusted for the split; see below), and the tax rate was 30%.
SPC reported the following financial instruments as part of its capital structure at the end of 20X4:
Options outstanding: 166,000 shares at an option price of $14, exercisable beginning in 20X7; 516,000 shares at an option price of $9, exercisable beginning in 20X2; 216,000 shares at an option price of $8, exercisable beginning in 20X3.
Problem 1: Calculate the required EPS and provide a brief explanation as to how EPS can be used by readers of the Financial Statements
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