Exercise 16-16 On January 1, 2018, Tamarisk Corp. had 478,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account. February 1Issued 120,000 shares March 1 Issued a 10% stock dividend May 1 June 1 October 1 Reissued 59,000 shares of treasury stock Acquired 102,000 shares of treasury stock Issued a 3-for-1 stock split Determine the weighted-average number of shares outstanding as of December 31, 2018. The weighted-average number of shares outstanding Assume that Tamarisk Corp. earned net income of $3,582,000 during 2018, In addition, it had 100,000 shares of 996, $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 Exercise 16-16 On January 1, 2018, Tamarisk Corp. had 478,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account. February 1Issued 120,000 shares March 1 Issued a 10% stock dividend May 1 June 1 October 1 Reissued 59,000 shares of treasury stock Acquired 102,000 shares of treasury stock Issued a 3-for-1 stock split Determine the weighted-average number of shares outstanding as of December 31, 2018. The weighted-average number of shares outstanding Assume that Tamarisk Corp. earned net income of $3,582,000 during 2018, In addition, it had 100,000 shares of 996, $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