On January 1, 2018, Teal Corp. had 474,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account.

February 1		Issued 126,000 shares
March 1		Issued a 10% stock dividend
May 1		Acquired 100,000 shares of treasury stock
June 1		Issued a 3-for-1 stock split
October 1		Reissued 62,000 shares of treasury stock

1. Determine the weighted-average number of shares outstanding as of December 31, 2018.

The weighted-average number of shares outstanding: ?

2. Assume that Teal Corp. earned net income of $3,346,000 during 2018. In addition, it had 103,000 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 2018. Compute earnings per share for 2018, using the weighted-average number of shares determined in part (a)

Earning Per Share: $?

3. Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2018.

Earning Per Share: $?