E$11-17($Static$)$ Determining the Effect of a Stock Repurchase on EPS and ROE $[$LO $11-2,$ LO $11-5]$

Swimtech Pools Incorporated $($SPI$)$ reported the following in its financial statements for the quarter ended March $31,2021.$

December $31,2020$ March $31,2021$

Common Stock, $$1$ par, $50,000$ shares issued and outstanding $ $50,000$ $ $50,000$

Additional Paid$-$In Capital $30,00030,000$

Retained Earnings $20,00020,000$

Total Stockholders$$ Equity $ $100,000$ $ $100,000$

During the quarter ended March $31,$ SPI reported Net Income of $$5,000$ and declared and paid cash dividends totaling $$5,000.$

Required:

Calculate earnings per share $($EPS$)$ and return on equity $($ROE$)$ for the quarter ended March $31.$

Assume SPI repurchases $10,000$ of its common stock at a price of $$2$ per share on April $1,2021.$ Also assume that during the quarter ended June $30,2021,$ SPI reported Net Income of $$5,000$ and declared and paid cash dividends totaling $$5,000.$ Calculate earnings per share $($EPS$)$ and return on equity $($ROE$)$ for the quarter ended June $30,2021.$