Exercise 16-16 On January 1, 2018, Blossom Corp. had 491,000 shares of common stock outstanding. During 2018 it had the following transactions that affected the Common Stock account. February 1 Issued 116,000 shares March 1 Issued a 10% stock dividend Acquired 96,000 shares of treasury stock May 1 June 1 Issued a 3-for-1 stock split October 1 Reissued 59,000 shares of treasury stock Your answer is incorrect. Try again. Determine the weighted-average number of shares outstanding as of December 31, 2018. The weighted average number of shares outstanding I 1265650 LINK TO TEXT Your answer is incorrect. Try again. Assume that Blossom Corp. earned net income of $3,434,000 during 2018. In addition, it had 102,000 shares of 9%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2018. Compute earnings per share for 2018, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.) Earnings Per Share 2.71