On January 1, 2018, Teal Corp. had 502,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account.

February 1		Issued 125,000 shares
March 1		Issued a 10% stock dividend
May 1		Acquired 97,000 shares of treasury stock
June 1		Issued a 3-for-1 stock split
October 1		Reissued 62,000 shares of treasury stock

PART A

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

The weighted average number of shares outstanding _____________________________.

PART B.

Assume that Teal Corp. earned net income of $3,550,000 during 2018. In addition, it had 102,000 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).

Earnings per share ____________________________.

PART C.

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

Earnings per share ____________________________.

PART D.

Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $454,000 (net of tax). Compute earnings per share for 2018. (Round answer to 2 decimal places, eg. $2.55.) Teal Corp. Income Statement