Answer

Tyrell Corporation had net income of $1, 875,000 for the year ended December 31, 2015. The company has 35,000 shares of $100 par value, 6% preferred stock outstanding. The preferred stock is cumulative, but not convertible. On January 1, 2015, the corporation had 275,000 shares of common stock outstanding. On April 1, the corporation issued 80,000 new shares to raise additional capital. On June 1, the corporation declared and issued a 3-for-1 stock split. On October 1, the corporation purchased 165,000 shares of its common stock on the open market. Compute the weighted average number of shares to be used in computing earnings per share for 2015. Compute earnings per share for 2015. Round to the nearest cent