Analysis Case 19-7 EPS L019-5 through 019-8 "I guess I'll win that bett" you announced to no one in particular. "What bet?" Rence asked. Renee Patey was close enough to overhear you. "When I bought my REC stock last year Randy insisted it was a mistake, that they were going to collapse. I bet him a Coke he was wrong. This press release says they have positive carnings." you brugged. Renee was looking over your shoulder now at the article you were pointing at: CHICAGO (ACCOUNTING WIRE)-July 1, 2021-Republic Enterprise Companies, Ine. (REC), today reported net income attributable to REC of $3.6 billion for the quarter ended May 31, 2021... Diluted earnings per share attributable to REC were $1,52 for the second quarter of 2021, compared with $1.21 for the second quarter of 2020 Our Board of Directors..thorized the repurchase of shares of REC Common Stock, with an aggregate purchase price of up to $2.0 billion. "Adollar fifty-two a share, huh?" Renee asked. "How many shares do you have? When do you get the check Required: 1. Renee's questions imply that she thinks you will get cash dividends of $1.52 a share. What does carnings per share really tell you? 2. A previous press release indicated that "Share and per share amounts prior to the second quarter of 2019 have been restated to reflect the ! for 20 reverse stock split effective June 30, 2019." What does that mean? 3. The press release indicates plans to repurchase shares of its own stock. Would the reduction in shares from a stock repurchase be taken into account when EPS is calculatedHow? Source: ACCOUNTING WIRE the