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Compute stanley basic and diluted earnings per share

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Reference no: EM132708815

Stanley Department Stores reported net income of $755,000 for the year ended December 31, 2021.

Additional Information:

Common shares outstanding at Jan. 1, 202175,000

Incentive stock options (vested in 2020) outstanding throughout 2021     12,000(Each option is exercisable for one common share at an exercise price of $22.00)

  • During the year, the market price of Stanley's common stock averaged $26.40 per share. On Aug. 30, Stanley sold 15,000 common shares. Stanley's only debt consisted of $34,000 of 10% short-term bank notes. The company's income tax rate is 25%.

Required:

Problem 1: Compute Stanley's basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in thousands. Do not round intermediate calculations)

Reference no: EM132708815

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