Question: For the year ended December 31, 2011, Norstar Industries reported net income of $655,000. At January 1, 2011, the company had 900,000 common shares outstanding.

For the year ended December 31, 2011, Norstar Industries reported net income of $655,000. At January 1, 2011, the company had 900,000 common shares outstanding. The following changes in the number of shares occurred during 2011:

Apr. 30 Sold 60,000 shares in a public offering.

May 24 Declared and distributed a 5% stock dividend.

June 1 Issued 72,000 shares as part of the consideration for the purchase of assets from a subsidiary.

Required:

Compute Norstar's earnings per share for the year ended December 31, 2011.

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