Estimating basic earnings per share

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Rice Inc. had 420 million shares of common stock and 1 million shares of 6%, $200 par, cumulative preferred stock outstanding at the end of 2008 and 2009. No dividends were declared or paid on either class of stock in either year. Net income for 2009 was $398.4 million. The company's tax rate is 30%. Compute basic earnings per share for the year ended December 31, 2009.

Reference no: EM13149363

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