Examining the Effect of Stock Transactions Year 1: Noreen Company issues 20,000 shares of its no-par common stock for $30/share in cash. Year 2: Noreen Company buys 2,000 shares of its no-par common stock for $28/share in cash. Year 3: Noreen Company declares but has not yet paid a dividend on its no-par common stock of $2 per share. The company's basic earnings per share were $10 in the third year. $2 per share. The company's basic earnings per share were $10 in the third year. Year Total Assets Total Liabilities Total Stockholders' Equity EPS 2 Operating Income Increase Decrease No effect