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Compute the basic earnings per share

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Reference no: EM131802940

Question - Assume that the following data relative to Kane Company for 2013 is available:

Net Income $2,100,000

Transactions in Common Shares Change Cumulative

Jan. 1, 2013, Beginning number                                       700,000

Mar. 1, 2013, Purchase of treasury shares (60,000)           640,000

June 1, 2013, Stock split 2-1 640,000                                1,280,000

Nov. 1, 2013, Issuance of shares 180,000                         1,460,000

8% Cumulative Convertible Preferred Stock Sold at par, convertible into 200,000 shares of common (adjusted for split). $1,000,000

Instructions

(a) Compute average number of shares outstanding for 2013.

(b) Compute the basic earnings per share for 2013.

Reference no: EM131802940

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