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Compute Jackson basic and diluted earnings per share

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Question - On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 33,000 shares of 6%, $50 par, cumulative preferred stock outstanding. On February 28, 2018, Jackson purchased 27,000 shares of common stock on the open market as treasury stock for $38 per share. Jackson sold 6,300 treasury shares on September 30, 2018, for $40 per share. Net income for 2018 was $183,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 53,000 common shares at $43. The market price of the common shares averaged $42 during 2018.

Required - Compute Jackson's basic and diluted earnings per share for 2018.

Reference no: EM132578149

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