Calculate the weighted average number of shares outstanding

Reference no: EM132795953

Questions -

Q1. Sandhill Corporation reported net income of $347,760 in 2020 and had 245,000 common shares outstanding throughout the year. Also outstanding all year were 21,000 (written) options to purchase common shares at $10 per share. The average market price for the common shares during the year was $15 per share. Calculate the diluted earnings per share.

Q2. Oriole Limited had 41,400 common shares outstanding on January 1, 2020. On March 1, 2020, Oriole issued 20,700 shares in exchange for equipment. On July 1, Oriole repurchased and cancelled 10,800 shares. On October 1, 2020, Oriole declared and issued a 10% stock dividend. Calculate the weighted average number of shares outstanding for Oriole for the year ended December 31, 2020

Q3. Ivanhoe Limited had 41,700 common shares outstanding on January 1, 2020. On March 1, 2020, Ivanhoe issued 19,200 shares in exchange for equipment. On July 1, Ivanhoe repurchased and cancelled 10,500 shares. On October 1, 2020, Ivanhoe declared a 5-for-1 stock split. Calculate the weighted average number of shares outstanding for Ivanhoe for the year ended December 31, 2020.

Q4. Crane Limited had 41,100 common shares outstanding on January 1, 2020. On March 1, 2020, Crane issued 20,400 shares in exchange for equipment. On July 1, Crane repurchased and cancelled 10,200 shares. On October 1, 2020, Crane declared a 1-for-2 reverse stock split. Calculate the weighted average number of shares outstanding for Crane for the year ended December 31, 2020.

Q5. Sheridan Corporation had 110,000 common shares outstanding on December 31, 2019. During 2020, the company issued 13,000 shares on March 1, retired 5,800 shares on July 1, issued a 20% stock dividend on October 1, and issued 19,800 shares on December 1. For 2020, the company reported net income of $440,000 after a loss from discontinued operations of $49,600 (net of tax). The company issued a 2-for-1 stock split on February 1, 2021, and the company's financial statements for the year ended December 31, 2020, were issued on February 28, 2021. Calculate earnings per share for 2020 as it should be reported to shareholders.

Q6. Blossom Corporation reported net income of $620,606 in 2020 and had 107,000 common shares outstanding throughout the year. Also outstanding all year were 9,600 of cumulative preferred shares, with each being convertible into 3 common shares. The preferred shares pay an annual dividend of $4 per share. Blossom's tax rate is 35%. Calculate Blossom's 2020 diluted earnings per share.

Q7. Carla Vista Corporation earned net income of $360,000 in 2020 and had 102,000 common shares outstanding throughout the year. Also outstanding all year was $780,000 of 10% bonds that are convertible into 18,000 common shares. Carla Vista's tax rate is 35%. Calculate Carla Vista's 2020 diluted earnings per share. For simplicity, ignore the IFRS requirement to record the debt and equity components of the bonds separately.

Reference no: EM132795953

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