Homework Answers
| 1 | Increase (Decrease) | Outstanding | Months Outstanding | Share Months | ||
| Jan 1 | - | 4,000,000 | 3 | 2/1 | 24,000,000 | |
| April 1 | 640,000 | 4,640,000 | 3 | 2/1 | 27,840,000 | |
| July 1 | (240,000) | 4,400,000 | 3 | 13,200,000 | ||
| Oct 1 | 8,800,000 | 13,200,000 | 3 | 39,600,000 | ||
| 12 | 104,640,000 | |||||
| Weighted average number of shares | 8,720,000 | |||||
| (104,640,000/12) | ||||||
| 2 | EPS = | (Net Income - Preferred Dividend)/Weighted average number of shares | ||||
| ($9,850,000 - $10,000)/8,720,000 | ||||||
| $1.13 | ||||||
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