Select Corporation was incorporated on January 2. The following information pertains to Select Corporation's common stock transactions.
Jan. 2 Number of shares authorized 450,000
Jan. 2 Number of shares issued 153,000
Jul. 1 Number of shares reacquired but not canceled 9,000
Sept. 1 Two-for-one stock split
Dec. 1 Reissued shares of treasury stock 9,000
Required
a. Determine the weighted-average number of shares of Select Corporation's common stock outstanding.
Note: Round amount to the nearest whole number.
Number of shares Answer 1
0
b. Compute earnings per share considering the following additional information:
Net income: $660,000
Preferred stock, 5%, cumulative 9,000 shares outstanding, $10 par value per share
Preferred stock dividends declared during the year: $0
Note: Enter the earnings per share amount in dollars and cents, rounded to