Exercise 16-16

On January 1, 2021, Marin Corp. had 463,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account.

February 1		Issued 118,000 shares
March 1		Issued a 10% stock dividend
May 1		Acquired 103,000 shares of treasury stock
June 1		Issued a 3-for-1 stock split
October 1		Reissued 63,000 shares of treasury stock

Determine the weighted-average number of shares outstanding as of December 31, 2021.

The weighted-average number of shares outstanding

enter the weighted-average number of shares outstanding as of December 31, 2018

Assume that Marin Corp. earned net income of $3,476,000 during 2021. In addition, it had 99,000 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 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.)

Earnings Per Share

$enter earnings per share rounded to 2 decimal places

Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.)

Earnings Per Share

$enter earnings per share rounded to 2 decimal places

Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $411,000 (net of tax). Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.)

Marin Corp. Income Statement choose the accounting period December 31, 2021For the Year Ended December 31, 2021For the Quarter Ended December 31, 2021
select an opening name for this statement DividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$enter a dollar amount per share rounded to 2 decimal places
select an income statement item DividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		enter a dollar amount per share rounded to 2 decimal places
select a closing name for this statement DividendsExpensesExtraordinary LossExtraordinary GainIncome Before Extraordinary ItemIncome From Continuing OperationsIncome Per Share Before Extraordinary ItemLoss From Discontinued OperationsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		enter a total earnings per share amount rounded to 2 decimal places