Reference no: EM133184575
Question - On 1 January 2021, Warren Corporation had 1,200,000 ordinary shares outstanding. During 2021, the company has the following transactions affecting its' ordinary shares.
(i) On 1 March, the corporation issued 150,000 new shares to raise additional capital.
(ii) On 1 July, the corporation declared and issued a 2-for-1 share split.
(iii) On 1 October, the corporation purchased on the market 600,000 of its own outstanding shares and retired them.
(iv) Warren Corporation had 100,000 shares of 9%, $10 par, non-cumulative preference shares outstanding for the entire year. The company declared and paid the preference dividend in 2021.
(v) The net income of Warren Corporation for 2021 is $240,000.
Warren Corporation granted 1,000,000 share options in 2020.
Each option could be exercised for ONE ordinary share at $8.
The average market price of Warren Corporation's ordinary shares during 2021 was $20 per share.
None of the share options was exercised as of 31 December 2021.
Required -
1. Compute the weighted-average number of ordinary shares outstanding for 2021.
2. Compute the basic earnings per share for 2021.
3. Compute the diluted earnings per share for 2021.
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