Reference no: EM132536423
Question - On January 1, 2018, Charlotte Co. had the following amounts for its $1 par value common stock:
500,000 shares authorized.
150,000 shares issued.
50,000 treasury shares.
On July 1, 2018, Charlotte initiated a 2-for-1 stock split. The company repurchased 24,000 common shares on November 1.
The company did not announce a dividend for common shareholders during the year. In addition, during 2018 the company did not declare any dividends on its 12,000 outstanding shares of 5%, $100 par value, noncumulative, convertible preferred stock, which were outstanding all year. Preferred shareholders have the option of converting each share of preferred stock into one share of common stock. On December 1, 2018, the preferred shareholders converted all 12,000 convertible preferred shares to shares of common stock.
For the fiscal year ended December 31, 2018, Charlotte Co. reported Net Income of $400,000. The company's tax rate is 21% (and there are no temporary or permanent book-tax differences).
Required - For the fiscal year ended December 31, 2018, what will the company report for basic EPS?
A. $2.31.
B. $1.35.
C. $2.72.
D. $1.73.
E. $2.03.
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