As of December 31, 2020, Ahab Fisheries Inc. had the following share capital:

50,000 common shares $200,000

80,000 $2, non-cumulative, preferred shares $600,000

During 2021, the following share transactions occurred:

April 1 Issued 10,000 common shares for cash of $ 45,000

July 1 Issued 20,000 common shares at $ 4.75 each

Dec 15 Cash dividends were declared for the preferred shares only.

For the year ending December 31, 2021, Ahab had profit of $ 323,000.

Required

a) Calculate the profit available to common shareholders in 2021. (2 marks)

b) Calculate the weighted average number of common shares in 2021. (3 marks)

c) Calculate the earnings per share in 2021. (1 mark)