Question

The following data came from the financial statements of St. James Corp. for 2019 and 2018....

The following data came from the financial statements of St. James Corp. for 2019 and 2018.

2019 2018

Net income $143,900 $120,000

Cash dividends paid on preferred stock $15,000 $15,000

Cash dividends paid on common stock $42,000 $38,000

Weighted average number of preferred shares outstanding 20,000 20,000

Weighted average number of common shares outstanding 105,000 95,000

Required: Calculate St. James' earnings per share as it would be reported on the 2019 income statement. Round your answer to the nearest cent.

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Answer #1
Earning per share for 2019 $       1.23
Working: 2019
Net Income $       1,43,900
Less:Preferred dividend $           15,000
Income available to common stockholders $       1,28,900
/ Weighted average number of common shares           1,05,000
Earning Per Share $ 1.23
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