Kramer Inc. had 104 million shares of common stock, 1 million shares of 6%, $100 par,...
Kramer Inc. had 104 million shares of common stock, 1 million shares of 6%, $100 par, cumulative preferred stock, and 1 million shares of 8%, $100 par, noncumulative preferred stock outstanding at the end of 2017 and 2018. No dividends were declared or paid on common stock in either year. In 2018, a $3.9 million dividend was paid on the 6% preferred stock and a $4.9 million dividend was paid on the 8% preferred stock. Net income for 2018 was $309 million. The company's tax rate is 30%.
Required: Compute basic earnings per share for the year ended December 31, 2018. (Round your answer to 2 decimal places.)
Homework Answers
Computation of Basic Earning per share for the year ended December 31,2018:
| (in million) | |
| Net income | $309 |
| Divided paid for 6% preferred stock | ($3.90) |
| Divided paid for 8% preferred stock | ($4.90) |
| Earnings available for common stock holder | $300 |
| ÷ Outstanding common shares | 104 |
| = Basic earning per share | $2.89 |
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