Except for the earnings per share statistics, the 1990, 1989, and 1988 income statements of Glowworm Corporation were originally presented as follows:

\section*{Required}
1. Calculate the weighted-average number of common shares outstanding during

(a) 1988,

(b) 1989, and

(c) 1990.
2. Present the earnings per share portions of:

(a) the 1988 income statement,

(b) the 1989 income statement, and

(c) the 1990 income statement.

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Sales Costs and expenses. Income from continuing operations Loss on discontinued operations Income (loss) before extraordinary items. and changes in accounting principles Extraordinary gains (losses). Cumulative effect of change in accounting principle. Net income (loss) .. Information on common stock: 1990 $ 918,000 796,800 $ 121,200 $ 154,800 (99,600) 1989 $ 692,400 537,600 1988 $ 774,000 562,800 $ 211,200 (66,000) $ 121,200 $ 55,200 145,200 (81,600) (45,600) 35,400 $ 156,600 $ (26,400) $ 99,600 Shares outstanding on January 1, 1988 Sale of shares on June 1, 1988. Purchase of treasury shares on October 1, 1988 Shares outstanding on December 31, 1988. Sale of shares on March 1, 1989 Sale of shares on April 1, 1989 28,800 +3,600 - 1,800 30,600 +6,120 +9,720 Stock split of 2 for 1 on September 1, 1989. +46,440 Shares outstanding on December 31, 1989. Purchase of treasury shares on March 1, 1990 Sale of shares on June 1, 1990. +92,880 -3,600 +16,920 Stock dividend of 20% on November 1, 1990. Shares outstanding on December 31, 1990. +21,240 127,440