Burns Company reported $841.400 million in net income in 2018. On Jan uary 1, 2018, the...
Burns Company reported $841.400 million in net income in 2018. On Jan
uary 1, 2018, the company had 402 million shares of common stock
outstanding. On March 1, 2018, 25.2 million new shares of common
stock were sold for cash. On June 1, 2018, the company's common
stock split 2 for 1. On July 1, 2018, 9.2 million shares were
reacquired as treasury stock.
Required:
Compute Burns' basic earnings per share for the year ended December
31, 2018. (Round your answer to 2 decimal
places.)
Please explain answer
Homework Answers
Weighted average number of shares = [ (402 million * 2) + (25.2 million *10/12 * 2) ]- (9.2 million * 6/12)
Weighted average number of shares = 841.4 Million
Earning per share = Net income / Weighted average number of shares
Earning per share = $841.400 million / 841.4 million
Earning per share = $1 per share
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