Exercise 16-20

On January 1, 2017, Flounder Industries had stock outstanding as follows.

6% Cumulative preferred stock, $100 par value, issued and outstanding 10,300 shares $1,030,000

Common stock, $10 par value, issued and outstanding 188,000 shares 1,880,000

To acquire the net assets of three smaller companies, Flounder authorized the issuance of an additional 162,000 common shares. The acquisitions took place as shown below.

Date of Acquisition Shares Issued

Company A April 1, 2017 50,400

Company B July 1, 2017 80,400

Company C October 1, 2017 31,200

On May 14, 2017, Flounder realized a $88,800 (before taxes) insurance gain on discontinued operations.

On December 31, 2017, Flounder recorded income of $285,600 from continuing operations (after tax).

Assuming a 50% tax rate, compute the earnings per share data that should appear on the financial statements of Flounder Industries as of December 31, 2017. (Round answer to 2 decimal places, e.g. $2.55.)