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How much should be reported as Mattoons earnings per share

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Question - Mattoon, Inc., owns 80 percent of Effingham Company. For the current year, this combined entity reported consolidated net income of $398,500. Of this amount $352,000 was attributable to Mattoon's controlling interest while the remaining $46,500 was attributable to the noncontrolling interest. Mattoon has 110,000 shares of common stock outstanding and Effingham has 36,000 shares outstanding. Neither company has issued preferred shares or has any convertible securities outstanding. On the face of the consolidated income statement, how much should be reported as Mattoon's earnings per share?

(a) $2.57

(b) $2.73

(c) $3.62

(d) $3.20

Reference no: EM132514642

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