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On January 1, 2012, Bailey Industries had stock outstanding as follows. 6% Cumulative preferred stock, $118 par value, issued and outstanding 11,400 shares $1,345,200 Common
On January 1, 2012, Bailey Industries had stock outstanding as follows. 6% Cumulative preferred stock, $118 par value, issued and outstanding 11,400 shares $1,345,200 Common stock, $12 par value, issued and outstanding 255,600 shares 3,067,200 To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 218,400 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2012 82,800 Company B July 1, 2012 104,400 Company C October 1, 2012 31,200 On May 14, 2012, Bailey realized a $114,000 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000. On December 31, 2012, Bailey recorded net income of $370,800 before tax and exclusive of the gain. Assuming a 44% tax rate, compute the earnings per share data that should appear on the financial statements of Bailey Industries as of December 31, 2012. Assume that the expropriation is extraordinary. (Round answer to 2 decimal places, e.g. $2.55.)
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