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Accounting 10 Chapter 13 Assignment--50 Points Name Round all amounts to the nearest two decimal places. Note: for any ratio that requires you to use net sales, use Total Revenues from the income statement. 1. What is IBM's current ratio on December 31, 2019? 2. What is IBM's acid-test or quick ratio on December 31, 2019? 3. What is IBM's Receivable Turnover for 2019? (Note: use the TRADE receivables only in your computation) 4. What is the number of days to collect accounts receivable for IBM for 2019? 5. What is IBM's inventory turnover for 2019? 5 (Note: use TOTAL COST from the income statement for Cost of Goods Sold) 6. What is IBM's days to sell inventory for 2019? 7. What is IBM's conversion period for 2019? 8 . What is IBM's asset turnover for 2019? 9. What is IBM's profit margin on sales or return on sales for 2019? 10. What is IBM's return on assets for 2019? 10 11. What is IBM's cash return on sales for 2019? 11. 12. What is IBM's return on TOTAL common stockholders' equity for 2019? 12. Note: Use IBM'S Stockholders' Equity only 13. What is IBM's TOTAL basic (no dilution) earnings per share for 2019? 13. 14. What is IBM's TOTAL earnings per share assuming dilution for 2019? 14. 15. What is IBM's price to earnings ratio for 2019? 15 (Note: use the TOTAL earnings per share assuming dilution and assume a stock price of $134.04) 16. What is IBM's payout ratio for 2018? 16. (Note: cash dividends paid on common stock can be found on the Five-Year Comparison of Selected Data)17. What is IBM's debt to total assets on December 31, 2019? 17. 18. 18. What is times interest earned for IBM for 2019? 19. What is IBM's cash debt coverage for 2019? 19. 20. How many shares of IBM common stock have been authorized as of December 31, 20. 2019? 21. How many shares of IBM common stock have been issued as of December 31, 2019? 21. 22. How many of the issued shares of IBM common stock are being held as treasury shares as of December 31, 2019? 22. 23. How many shares of IBM common stock are outstanding as of December 31, 2019? 23 24. What is the par value of IBM's common stock? 24 25. What is IBM's book value per share outstanding on December 31, 2019? 25. (Note: Use_IBM's Stockholders' Equity--don't forget that financial statement dollar amounts are in millions of dollars) 26. What is IBM's comprehensive income for 2019 (in millions of dollars)? 26. 27. Was the computation of comprehensive income for IBM shown 1-at the bottom of the income statement; 2-on a separate schedule reconciling net income to comprehensive income; or 3-on the expanded statement of equity? 27 28. Was IBM's cash flow statement prepared using the direct or indirect method? 28. 29. Which SPECIFIC investing or financing activity USED the most cash during 2019? 29 30. Which SPECIFIC investing or financing activity PROVIDED the most cash during 2019? 30 31. On the Balance Sheet on December 31, 2019, what does the balance of the account "Noncontrolling Interest" represent? 31. Note: Use the Notes to the Financial Statements to answer the following questions. On the income statement and balance sheet, there is a letter next to the accounts that tells you which note provides addiitonal explanation about the account. 32. Are IBM's marketable DEBT securities accounted for as trading securities or available for sale securities? (See Note A, page 83) 32. 33. Back in 2017, IBM had a change in accounting principle (after I told you how rare these would be!) Where was this reported on IBM's financial statements and what was the amount? 33. (Hint: these are reported the same way as corrections of errors from prior periods.) IBM completed the acquisition of another corporation during 2019. (See Note E, page 94) 34. What was the name of the corporation? 34. 35. What percent of the comon shares of that corporation does IBM now own? 35.36. What estimated useful lives does IBM use for buidlings? (See Note A, page 80) 36. 37. IBM is organized into 5 major business segments. During 2019, they re-organized what was included in each segment and re-named 2 of the segments. Name the two segments whose names were changed. (See Note D, page 90) 37 (1). 37 (2) . 38. Who is IBM's auditor? 38 . 39. What opinion did they issue in 2019 regarding IBM's financial statement 39. 10. What "concern" did they raise in 2019 regarding IBM's internal contol? 40 41. Compute the PERCENT OF CHANGE from 2018 to 2019 in Total Liabilities, Total Assets, Total Revenue, and Net Income by completing the following chart. Be sure to indicate if the change is positive or negative. 2019 2018 $ Change % of Change Total Liabilities Total Assets Total Revenues Net Income 42. Prepare a VERTICAL ANALYSIS or common-size income statement for 2019 for the following items only: Total Revenue, Total Cost, Gross Profit, Total Expense and Other Income, Income from Continuing Operations Before Income Taxes, Provision for Income Taxes, Income from Continuing Operatings, Loss from Discontinued Operations, and Net Income Vertical Analysis Total Revenue 77,147 Total Cost 40,659 Gross profit 36,488 Total Expense and Other Income 26,332 Income from Cont Ops Before Taxes 10,166 Provision for Income Taxes 731 Income from Continuing Ops 9,435 Loss/Gain from Disc Operations (4 ) Net Income 9,431 43. Note: Use the Five Year Comparison of Selected Financial Data Prepare a TREND analysis for Revenue and Net Income for 2015-2019 using 2015 as the base year. 2019 2018 2017 2016 2015 Revenue Trend Net Income Trend68 Consolidated Income Statement International Business Machines Corporation and Subsidiary Companies ($ in millions except per share amounts) 2019 2018 2017 For the year ended December 31: Notes Revenue $48,652* Services $47,493 $49,257* 28,252 28,735* 28,772* Sales 1,599 1,715 Financing 1,402 Total revenue C 77,147 19,591 79,139 Cost 32,491 33,687* 33,399* Services Sales 7,263 7,835 7,587 Financing 904 1,132 1,210 Total cost 40,659 42,655 42,196 Gross profit 36,488 36,936 36,943 Expense and other (income) Selling, general and administrative 20,604 19,366 19,680 Research, development and engineering F 5,989 5,379 5,590 Intellectual property and custom development income (648) (1,026 (1,466) Other (income) and expense (968) 1,152 1,125 Interest expense P & T 1,344 723 615 Total expense and other (income) 26,322 25,594 25,543 Income from continuing operations before income taxes 10,166 11,342 11,400 Provision for income taxes G 731 2,619 5 ,642 Income from continuing operations 9,435 3, 723 5,758 Income/(loss) from discontinued operations, net of tax (4) (5 ) Net income $ 9,431 $ 8,728 $ 5,753 Earnings/(loss) per share of common stock Assuming dilution Continuing operations I I $ 10.57 9.51 $ 6.14 Discontinued operations (0.01) 0.01 0.00 Total H $ 10.56 9.52 6.14 Basic Continuing operations H $ 10.63 9.56 $ 6.17 Discontinued operations 0.00 0.01 Total I 0.00 $ 10.63 9.57 $ 6.17 Weighted-average number of common shares outstanding Assuming dilution 892,813,376 916,315,714 Basic 937,385,625 887,235,105 912,048,072 932,828,295 Reclassified to conform to 2019 presentation, Refer to "Basis of Presentation" in note A, "Significant Accounting Policies." Amounts may not add due to rounding. The accompanying notes are an integral part of the financial statements.Consolidated Statement of Comprehensive Income 69 International Business Machines Corporation and Subsidiary Companies ($ in millions) For the year ended December 31: Notes 2019 2018 2017 Net income $ 9,431 $8,728 $5,753 Other comprehensive income/(loss), before tax Foreign currency translation adjustments (39) (730) 152 Net changes related to available-for-sale securities Unrealized gains/(losses) arising during the period (2) Reclassification of (gains)/losses to net income - 1 Total net changes related to available-for-sale securities 1 ( 2 ) 2 Unrealized gains/(losses) on cash flow hedges S Unrealized gains/(losses) arising during the period (689) (136) (58) Reclassification of (gains)/losses to net income 75 449 (363) Total unrealized gains/(losses) on cash flow hedges (614) 313 (421) Retirement-related benefit plans S Prior service costs/(credits) (73) (182) Net (losses)/gains arising during the period (120) (2,517) 682 Curtailments and settlements 41 11 19 Amortization of prior service (credits)/costs (9) (73) (88) Amortization of net (gains)/losses 1,843 2,966 2,889 Total retirement-related benefit plans 1,681 204 3,502 Other comprehensive income/(loss), before tax S 1,029 (215) 3,235 Income tax (expense)/benefit related to items of other comprehensive income (136) (262) (429) Other comprehensive income/(loss) 893 (476) 2,806 Total comprehensive income $10,324 $8,252 $8,559 Amounts may not add due to rounding. The accompanying notes are an integral part of the financial statements.70 Consolidated Balance Sheet International Business Machines Corporation and Subsidiary Companies ($ in millions except per share amounts) At December 31: Notes 2019 2018 Assets Current assets Cash and cash equivalents $ 8,172 $ 11,379 Restricted cash 141 225 Marketable securities I 696 618 Notes and accounts receivable-trade (net of allowances of $299 in 2019 and $309 in 2018) 7,870 7,432 Short-term financing receivables (net of allowances of $188 in 2019 and $244 in 2018) K 14,192 22,388 Other accounts receivable (net of allowances of $33 in 2019 and $38 in 2018) 1,733 743 Inventory 1,619 1,682 Deferred costs 1,896 2,300 Prepaid expenses and other current assets 2, 101 2 ,378 Total current assets 38,420 49,146 Property, plant and equipment - r 32,028 32,460 Less: Accumulated depreciation 22,018 21,668 Property, plant and equipment-net Long-term financing receivables (net of allowances of $33 in 2019 and $48 in 2018) 3 1 10,010 10,792 Operating right-of-use assets-net* 4,996 8, 712 9,148 Prepaid pension assets V 5,865 4,66 Deferred costs 2,472 2,676 Deferred taxes 5,182 5 , 216 Goodwill 58,222 36,265 Intangible assets-net 15,235 3,087 Investments and sundry assets 2,074 2 ,386 Total assets $ 152,186 $ 123,382 Liabilities and equity Current liabilities Taxes G $ 2,839 3,046 Short-term debt I&P 8,797 10,207 Accounts payable 4,896 5,558 Compensation and benefits 3,406 3,310 Deferred income 12,026 11,165 Operating lease liabilities* M Other accrued expenses and liabilities 1,380 Total current liabilities 4,357 3,941 Long-term debt 37,701 38,227 I&F Retirement and nonpension postretirement benefit obligations 54,102 35,605 V Deferred income 17,142 17,002 Operating lease liabilities* 3 , 851 3,445 Other liabilities M 3,879 Total liabilities 14,526 12,174 Commitments and Contingencies 131,202 106,452 Equity R IBM stockholders' equity Common stock, par value $.20 per share, and additional paid-in capital Shares authorized: 4,687,500,000 55,895 55,151 Shares issued (2019-2,237,996,975; 2018-2,233,427,058) Retained earnings Treasury stock, at cost (shares: 2019-1,350,886,521; 2018-1,340,947,648) 162,954 159,206 Accumulated other comprehensive income/(loss) (169,413) (168,071) Total IBM stockholders' equity (28,597) (29,490) Noncontrolling interests 20,841 16,796 Total equity A 144 134 Total liabilities and equity 20,985 16,929 $ 152,186 $ 123,382 * Reflects the adoption of the FASB guidance on leases. Amounts may not add due to rounding. The accompanying notes are an integral part of the financial statements.Consolidated Statement of Cash Flows 71 International Business Machines Corporation and Subsidiary Companies ($ in millions) For the year ended December 31: 2019 2018 2017 Cash flows from operating activities Net income $ 9,431 $ 8,728 $ 5,753 Adjustments to reconcile net income to cash provided by operating activities Depreciation 4,209 3,127 3,021 Amortization of intangibles 1 ,850 1,353 1,520 Stock-based compensation 679 510 534 Deferred taxes (1,527) 853 (931) Net (gain)/loss on asset sales and other (1,096) 123 14 Change in operating assets and liabilities, net of acquisitions/divestitures Receivables (including financing receivables) 502 1,006 1,297 Retirement related 301 1,368 1,014 Inventory 67 (127 ) 18 Other assets/other liabilities 858 (1, 819) 4.437 Accounts payable (503) 126 47 Net cash provided by operating activities 14,770 15,247 16,724 Cash flows from investing activities Payments for property, plant and equipment (2,286) (3,395) 3,229) Proceeds from disposition of property, plant and equipment 537 248 460 Investment in software (621) (569) (544) Purchases of marketable securities and other investments 3,693 7,041) 4,949) Proceeds from disposition of marketable securities and other investments 3,961 6,487 3,910 Non-operating finance receivables-net 6,720 (503) (2,028) Acquisition of businesses, net of cash acquired (32,630) (139) (496) Divestiture of businesses, net of cash transferred 1,076 (205) Net cash provided by/(used in) investing activities (26,936) (4,913) 7,081) Cash flows from financing activities Proceeds from new debt 31,825 6,891 9,643 Payments to settle debt (12,944) (8,533) (6,816) Short-term borrowings/(repayments) less than 90 days-net (2,597) 1,341 620 Common stock repurchases (1,361) (4,443) (4,340) Common stock repurchases for tax withholdings (272) (171) (193) Financing-other 99 111 175 Cash dividends paid (5,707) (5,666) (5,506) Net cash provided by/(used in) financing activities 9,042 (10,469) (6,418) Effect of exchange rate changes on cash, cash equivalents and restricted cash (167 (495) 937 Net change in cash, cash equivalents and restricted cash (3,290) (630) Cash, cash equivalents and restricted cash at January 1 4,161 Cash, cash equivalents and restricted cash at December 31 11,604 12,234 8,073 $ 8,314 $ 11,604 Supplemental data $12,234 Income taxes paid-net of refunds received Interest paid on debt $ 2,091 $ 1,745 $ 1,597 $ 1,685 $ 1,423 $ 1,208 Amounts may not add due to rounding. The accompanying notes are an integral part of the financial statements.72 Consolidated Statement of Equity International Business Machines Corporation and Subsidiary Companies ($ in millions except per share amounts) Common Accumulated Stock and Other Total IBM Non- Additional Retained Treasury Comprehensive Stockholders Controlling Total Paid-In Capital Earnings Stock Income/(Loss) Equity Interests Equity 2017 Equity, January 1, 2017 $53,935 $152,759 $(159,050) $(29,398) $18,246 $146 $18,392 Cumulative effect of change in accounting principle* 102 102 102 Net income plus other comprehensive income/(loss) Net income 5,753 5,753 5,753 Other comprehensive income/(loss) 2,806 2 ,806 2,806 Total comprehensive income/(loss) $ 8,559 $ 8,559 Cash dividends paid- common stock ($5.90 per share) (5,506) (5,506) (5,506) Common stock issued under employee plans (4,311,998 shares) 631 631 631 Purchases (1,226,080 shares) and sales (463,083 shares) of treasury stock under employee plans-net 18 (134) (116) (116) Other treasury shares purchased, not retired (27,237,179 shares) (4,323) (4,323) (4,323) Changes in other equity Changes in noncontrolling interests (15) (15) Equity, December 31, 2017 $54,566 $153,126 $(163,507) $(26,592) $17,594 $131 $17,725 * Reflects the adoption of the FASB guidance on intra-entity transfers of assets Amounts may not add due to rounding. The accompanying notes are an integral part of the financial statements. ($ in millions except per share amounts) Common Accumulated Stock and Other Total IBM Non- Additional Retained Paid-In Capital Treasury Comprehensive e Stockholders' Stock Income/(Loss) Controlling Total Earnings Equity Interests Equity 2018 Equity, January 1, 2018 $54,566 $153,126 $(163,507) $(26,592) $17,594 $131 $17,725 Cumulative effect of change in accounting principle Revenue* 580 580 580 Stranded tax effects/other* 2,422 (2,422) Net income plus other comprehensive income/(loss) Net income 8,728 8,728 8,728 Other comprehensive income/(loss) (476) (476) (476) Total comprehensive income/(loss) $ 8,252 $ 8,252 Cash dividends paid- common stock ($6.21 per share) (5,666) (5,666) (5,666) Common stock issued under employee plans (3,998,245 shares) 585 585 585 Purchases (1,173,416 shares) and sales (424,589 shares) of treasury stock under employee plans-net 15 (117) (103) (103) Other treasury shares purchased, not retired (32,949,233 shares) (4,447) (4,447) (4,447) Changes in other equity 0 Changes in noncontrolling interests 3 Equity, December 31, 2018 $55,151 $159,206 $(168,071) $(29,490) $16,796 $134 $16,929 * Reflects the adoption of FASB guidance. Refer to note B, "Accounting Changes." Amounts may not add due to rounding.Consolidated Statement of Equity 73 International Business Machines Corporation and Subsidiary Companies ($ in millions except per share amounts) Common Accumulated Stock and Other Total IBM Non- Additional Retained Treasury Comprehensive Stockholders' Controlling Total Paid-In Capital Earnings Stock Income/(Loss) Equity Interests Equity 2019 Equity, January 1, 2019 $55,151 $159,206 $(168,071) $(29,490) $16, 796 $134 $16,929 Net income plus other comprehensive income/(loss) Net income 9,431 9,431 9,431 Other comprehensive income/(loss) 893 893 893 Total comprehensive income/(loss) $10,324 $10,324 Cash dividends paid- common stock ($6.43 per share) (5,707) (5,707) (5,707) Common stock issued under employee plans (4,569,917 shares) 745 745 745 Purchases (2,000,704 shares) and sales (2,041,347 shares) of treasury stock under employee plans-net 30 (11) 19 19 Other treasury shares purchased, not retired (9,979,516 shares) (1,331) (1,331) (1,331) Changes in other equity (5) (5) (5) Changes in noncontrolling interests 10 10 Equity, December 31, 2019 $55,895 $162,954 $(169,413) $(28,597) $20,841 $144 $20,985 Amounts may not add due to rounding. The accompanying notes are an integral part of the financial statements.Five-Year Comparison of Selected Financial Data 139 International Business Machines Corporation and Subsidiary Companies ($ in millions except per share amounts) For the year ended December 31: 2019* 2018 2017 2016 2015 Revenue $ 77,147 $ 79,591 $ 79,139 $ 79,919 $ 81,741 Income from continuing operations $ 9,435 8,723 5,758 $ 11,881 $ 13,364 Income/(loss) from discontinued operations, net of tax $ (4) $ 5 $ (5 ) $ (9 ) $ (174 Net income $ 9,431 $ 8,728 $ 5,753 $ 11,872 $ 13,190 Operating (non-GAAP) earnings* $ 11,436 $ 12, 657 $ 12,807 $ 12,880 $ 14,519 /(loss) per share of common stock: Assuming dilution: Continuing operations $ 10.57 $ 9.51 $ 6.14 $ 12.39 $ 13.60 Discontinued operations (0.01) 0.01 $ 0.00 (0.01) $ (0.18) Total $ 10.56 9.52 6.14 12.38 $ 13.42 Basic: Continuing operations $ 10.63 $ 9.56 $ 6.17 12.44 $ 13.66 Discontinued operations $ 0.00 $ 0.01 $ 0.00 $ (0.01) $ (0.18) Total $ 10.63 $ 9.57 6.17 $ 12.43 $ 13.48 Diluted operating (non-GAAP)** $ 12.81 $ 13.81 $ 13.66 $ 13.44 $ 14.77 Cash dividends paid on common stock $ 5,707 $ 5, 666 $ 5,506 $ 5,256 4,897 Investment in property, plant and equipment $ 2,286 $ 3,395 $ 3,229 3,567 3,579 Return on IBM stockholders' equity 52.6% 48.0% 31.1% 74.0% 101.1% At December 31: 2019* 2018 2017 2016 2015 Total assets $152,186 $123,382 $125,356 $117,470 $110,495 Net investment in property, plant and equipment $ 10,010 $ 10,792 $ 11,116 $ 10,830 $ 10,727 Working capital $ 718+ $ 10,918 $ 12,373 $ 7,613 $ 8,235 Total debt $ 62,899 $ 45,812 $ 46,824 $ 42,169 $ 39,890 Total equity $ 20,985 $ 16,929 $ 17,725 $ 18,392 $ 14,424 * The company acquired Red Hat on July 9, 2019, impacting 2019 results. "*Refer to the table below for the reconciliation of non-GAAP financial information for 2017, 2016 and 2015. Also see "GAAP Reconciliation," on page 46 for the reconciliation of non-GAAP financial information for 2019 and 2018. + Refer to "IBM Working Capital" on page 43 for additional information. GAAP Reconciliations The table below provides a reconciliation of the company's income and diluted earnings per share from continuing operations as reported under GAAP to its operating earnings presentation which is a non-GAAP measure. The company's calculation of operating (non-GAAP) earnings, as presented, may differ from similarly titled measures reported by other companies. Please refer to the "Operating (non-GAAP) Earnings" section for management's rationale for presenting operating earnings information. ($ in millions except per share amounts) Acquisition- Retirement- For the year ended December 31: Related GAAP Related Adjustments Adjustments Tax Reform Operating Charge (non-GAAP) 2017 Income from continuing operations $ 5,758 $ 718 $ 856 $5,475 $12,807 Diluted earnings per share from continuing operations $ 6.14 $0.77 $0.91 $ 5.84 $ 13.66 2016 Income from continuing operations $11,881 $ 735 $ 265 $12,880 Diluted earnings per share from continuing operations $ 12.39 $0.77 $0.28 $ 13.44 2015 Income from continuing operations $13,364 $ 562 $ 593 $14,519 Diluted earnings per share from continuing operations $ 13.60 $0.57 $0.60 $ 14.77 The following presents a reconciliation of annualized revenue, excluding divestitures and currency from 2012 to 2019: ($ in billions) 2011 Approximate Impact From: Revenue Divestitures Total Currency $106.9 Performance 2019 Impact Revenue -1.3 pts. -2.2 pts. -0.5 pts. -4.0 pts. $77.1140 Selected Quarterly Data International Business Machines Corporation and Subsidiary Companies ($ in millions except per share amounts) First Quarter Second Quarter Third Quarter* Fourth 2019 Quarter* Full Year Revenue $18,182 $19, 161 $18,028 $21,777 $77,147 Gross profit $ 8,043 $ 9,010 $ 8, 336 $11,100 $36,488 Income from continuing operations $ 1,593 $ 2,499 $ 1,673 $ 3, 669 $ 9,435 Income/(loss) from discontinued operations, net of tax ( 2 ) $ (1) $ (1) 0 (4 ) Net income $ 1,591 $ 2,498 $ 1,672 $ 3,670 $ 9,431 Operating (non-GAAP) earnings** $ 2,009 $ 2,827 $ 2,394 $ 4,206 $11,436 Earnings per share of common stock- continuing operations+ Assuming dilution $ 1.78 $ 2.81 $ 1.87 $ 4.11 $ 10.57 Basic $ 1.79 2.82 $ 1.89 $ 4.14 $ 10.63 er share of Assuming dilution $ 1.78 2.81 $ 1.87 $ 4.11 $ 10.56 Basic $ 1.79 $ 2.82 $ 1.89 $ 4.14 $ 10.63 Diluted operating (non-GAAP)** $ 2.25 $ 3.17 $ 2.68 $ 4.71 $ 12.81 ($ in millions except per share amounts) 2018 First Third Quarter Second Fourth Quarter Quarter Quarter Full Year Revenue $19,072 $20,003 $18,756 $21,760 $79,591 Gross profit $ 8,247 $ 9,199 $ 8,803 $10,687 $36,936 Income from continuing operations $ 1,675 $ 2,402 $ 2,692 $ 1,954 $ 8,723 Income/(loss) from discontinued operations, net of tax $ $ $ Net income (2) 5 $ 1,679 $ 2,404 $ 2,694 Operating (non-GAAP) earnings* $ 1,951 $ 8,728 $ 2,272 $ 2,834 $ 3,134 $ 4,417 Earnings per share of common stock- $12,657 continuing operations+ Assuming dilution $ 1.81 $ 2.61 Basic $ 2.94 $ 1.82 2.15 $ 9.51 2.63 $ 2.95 Earnings per share of common stock-total+ $ 2.17 9.56 Assuming dilution $ 1.81 $ 2.61 Basic $ 2.94 9.52 $ 1.82 $ 2.63 $ 2.15 $ Diluted operating (non-GAAP)** $ 2.95 $ 2.45 $ 2.17 $ 3.08 $ 9.57 $ 3.42 $ 4.87 $ 13.81 The company acquired Red Hat on July 9, 2019, impacting third- and fourth-quarter results. *Refer to page 74 of the company's first-quarter 2019 Form 10-Q filed on April 30, 2019, page 98 of the company's second-quarter 2019 Form 10-Q filed on July 30, 2019, page 102 of the company's third-quarter 2019 Form 10-Q filed on October 29, 2019, and page 52 under the heading "GAAP Reconciliation" for the reconciliation of non-GAAP financial information for the quarterly periods of 2019 and 2018. Also see "GAAP Reconciliation," on page 46 for the reconciliation of non-GAAP financial information for full-year 2019 and 2018. Earnings Per Share (EPS) in each quarter is computed using the weighted-average number of shares outstanding during that quarter while EPS for the full year is computed using the weighted-average number of shares outstanding during the year. Thus, the sum of the four quarters' EPS does not equal the full-year EPS