Crane Corporation, a publicly traded company, is preparing the comparative financial statements to be included in the annual report to shareholders. Cranes fiscal year ends May 31. The following information is available.

1.		Income from operations before income tax for Crane was $1,400,000 and $1,800,000, respectively, for the fiscal years ended May 31, 2021, and 2020.
2.		Crane experienced a loss from discontinued operations of $400,000 from a business segment disposed of on March 3, 2021.
3.		A 20% combined income tax rate applies to all of Crane Corporations profits, gains, and losses.
4.		Cranes capital structure consists of preferred shares and common shares. The company has not issued any convertible securities or warrants and there are no outstanding stock options.
5.		Crane issued 155,000 of $10 par value, 5% cumulative preferred shares in 2013. All of these shares are outstanding, and no preferred dividends are in arrears.
6.		There were 1.30 million common shares outstanding on June 1, 2019. On September 1, 2019, Crane sold an additional 300,000 common shares at $15 per share. Crane distributed a 20% stock dividend on the common shares outstanding on December 1, 2020.
7.		These were the only common share transactions during the past two fiscal years.

Determine the weighted average number of common shares that would be used in calculating earnings per share on the current comparative income statement for:

1.		The year ended May 31, 2021
2.		The year ended May 31, 2020

Prepare a comparative income statement for the years ended May 31, 2021, and 2020. Assume that Crane discloses all applicable earnings per share data on the face of the income statement. (Round Earnings Per Share answers to 2 decimal places, e.g. 15.25.)

CRANE CORPORATION
Comparative Income Statement
For the Months Ended May 31, 2021 and 2020May 31, 2021 and 2020For the Years Ended May 31, 2021 and 2020
		2021			2020
Income Tax, Loss from Continuing Operations, Income from Discontinued Operations,Income from Continuing Operations, Income from Continuing Operations Before Income Tax,Loss from Discontinued Operations- Net of Tax,Net Income / (Loss)		$			$
Loss from Discontinued Operations, Net of TaxIncome TaxLoss from Continuing OperationsIncome from Discontinued OperationsIncome from Continuing Operations Before Income TaxIncome from Continuing OperationsNet Income / (Loss)
Income from Continuing OperationsIncome from Discontinued OperationsLoss from Discontinued Operations, Net of TaxLoss from Continuing OperationsNet Income / (Loss)Income TaxIncome from Continuing Operations Before Income Tax
Income TaxIncome from Continuing OperationsIncome from Discontinued OperationsLoss from Continuing OperationsIncome from Continuing Operations Before Income TaxLoss from Discontinued Operations, Net of TaxNet Income / (Loss)
Net Income / (Loss)Loss from Discontinued Operations, Net of TaxIncome TaxIncome from Continuing OperationsIncome from Continuing Operations Before Income TaxIncome from Discontinued OperationsLoss from Continuing Operations		$			$
Earnings per common share:
Income from Continuing OperationsIncome TaxIncome from Discontinued OperationsIncome from Continuing Operations Before Income TaxLoss from Discontinued Operations, Net of TaxLoss from Continuing OperationsNet Income / (Loss)		$			$
Income from Continuing OperationsLoss from Discontinued Operations, Net of TaxIncome TaxIncome from Continuing Operations Before Income TaxLoss from Continuing OperationsIncome from Discontinued OperationsNet Income / (Loss)
Income from Discontinued OperationsIncome TaxNet Income / (Loss)Loss from Continuing OperationsIncome from Continuing OperationsIncome from Continuing Operations Before Income TaxLoss from Discontinued Operations, Net of Tax		$			$