Reference no: EM132251267
Question - On December 31, 2017, Dow Steel Corporation had 780,000 shares of common stock and 48,000 shares of 10%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 5% common stock dividend on May 15 and paid cash dividends of $580,000 and $87,000 to common and preferred shareholders, respectively, on December 15, 2018.
On February 28, 2018, Dow sold 68,000 common shares. In keeping with its long-term share repurchase plan, 5,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2018, was $3,000,000. The income tax rate is 40%.
Required: Compute Dow's earnings per share for the year ended December 31, 2018.
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