Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 31, 2023, Berclair Incorporated had 440 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock

On December 31, 2023, Berclair Incorporated had 440 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2024, Berclair purchased 120 million shares of its common stock as treasury stock Berclair issued a 5% common stock dividend on July 1, 2024 Four million treasury shares were sold on October 1 .Net income one year ended December 31, 2024, was $750 million. Also outstanding of December 31 were 30 million incentive stock options granted to key executives on September 13, 2019 The options were exercisable as of September 13, 2023, for 30 million common shares at an exercise price of $56 per share. During 2024, the market price of the common shares averaged $70 per share. Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2024 (Shares for stock options and conversion of convertible securities have been adjusted for any stock split or stock dividend.) Note: Do not round intermediate calculations. Enter your answers in millions (i.e, 10,000,000 should be entered as 10). Denominator Earnings per share Numerator Basic Diluted

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Explain the factors influencing wage and salary administration.

Answered: 1 week ago

Question

Examine various types of executive compensation plans.

Answered: 1 week ago

Question

1. What is the meaning and definition of banks ?

Answered: 1 week ago

Question

2. What is the meaning and definition of Banking?

Answered: 1 week ago

Question

Write down the circumstances in which you led.

Answered: 1 week ago