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As an auditor with Checkem & Associates, you have been assigned to review Oriole Corporation's calculation of earnings per share for the current year. The controller, Mac Taylor, has supplied you with the following calculations: $3,258,666 Net income Common shares issued and outstanding Beginning of year 1,239,000 End of year 1,183,800 Average 1,211,400 Earnings per share: $3,258.666 $2.69 per share 1,211,400 You have gathered the following additional information: 1. The only equity securities are the common shares. 2 There are no options or warrants outstanding to purchase common shares. 3. There are no convertible debt securities. Activity in common shares during the year was as follows: 1,239,000 4 Outstanding, Jan. 1 Outstanding, Jan. 1 Shares acquired, Oct. 1 Shares issued, Dec. 1 Outstanding, Dec. 31 1,239.000 (228,000) 1,011,000 172,800 1,183,800 Your answer is correct. Based on the information, do you agree with the controller's calculation of earnings per share for the year? Disagree eTextbook and Media x Your answer is incorrect. Calculate the revised earnings per share. (Round answer to 2 decimal places, e.g. 15.25.) Earnings per share $ 2.31 Calculate the revised earnings per share. (Round answer to 2 decimal places, e.g. 15.25.) Earnings per share $ 2.31 eTextbook and Media x Your answer is incorrect. Assume the same facts except that call options had also been issued for 133,730 common shares at $10 per share. These options were outstanding at the beginning of the year and none had been exercised or cancelled during the year. The average market price of the common shares during the year was $20 and the ending market price was $25. 15.253 Calculate revised earnings per share. (Round answers to 2 decimal places, e.g. 15.25 Basic earnings per share. $ 2.20 2.20 Diluted earnings per share eTextbook and Media $