On January 1, 2021, Crane Corporation had 980,000 shares of common stock outstanding. On March 1,...
On January 1, 2021, Crane Corporation had 980,000 shares of common stock outstanding. On March 1, the corporation issued 120,000 new shares to raise additional capital. On July 1, the corporation declared and issued a 2-for-1 stock split. On October 1, the corporation purchased on the market 450,000 of its own outstanding shares and retired them. Compute the weighted average number of shares to be used in computing earnings per share for 2021.
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| Weighted average number of shares ? |
Homework Answers
Solution:
| Computation of weighted average outastanding shares | ||||||
| Date | Number of shares | Stock Split Restatement | No. of months | Total Months | Weighted-average shares | |
| 01-Jan | Shares outstanding | 980000 | 2 | 12 | 12 | 1960000 |
| 01-Mar | Issued shares | 120000 | 2 | 10 | 12 | 200000 |
| 01-Oct | Reacquired Shares | -450000 | 3 | 12 | -112500 | |
| Total weighted average number of shares outstanding | 2047500 | |||||
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