Homework Answers
Solution:
| Date | Shares | Portion of year | Weighted Average Shares |
| January 1, Y2 | 7255000 | 6/12 | 3627500 |
| July 1, Y2 | 7275000 | 6/12 | 3637500 |
| Weighted Average December 31 before split | 7265000 | ||
| Stock split 3-for-1 | 3 | ||
| *Total Weighted Average, 12/31/Y2 | 21795000 | ||
| Note: Year 1 restated | $2.56 / 3 = $0.85 |
Earning per share = (Net income - Preferred dividends) / Weighted average outstanding shares
= ($12,700,000 - $10,000) / 21795000 = $0.58 per share
No performance did not improve in year 2 as compared to year 1 because earning per share of year 2 is lesser than earning per share of year 1 after considering restatement.
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March 1
Issued a 10% stock dividend
May 1
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