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On January 1, 2012, Chang Corp. had 480,000 shares of common stock outstanding. During 2012, it had the following transactions that affected the Common Stock account. February 1 March 1 May 1 June 1 October 1 Issued 132,000 shares Issued a 20% stock dividend Acquired 113,000 shares of treasury stock Issued a 3for1 stock split Reissued 60,600 shares of treasury stock (a) Determine the weightedaverage number of shares outstanding as of Decemb The weightedaverage number of shares outstanding On January 1, 2012, Bailey Industries had stock outstanding as follows. 6% Cumulative preferred stock, $111 par value, issued and outstanding 12,000 shares $1,332,000 Common stock, $11 par value, issued and outstanding 267,600 shares 2,943,600 To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 242,400 common shares. The acquisitions took place as shown below. Date of Acquisition Shares Issued Company A April 1, 2012 94,800 Company B July 1, 2012 115,200 Company C October 1, 2012 32,400 On May 14, 2012, Bailey realized a $126,000 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000. On December 31, 2012, Bailey recorded net income of $304,800 before tax and exclusive of the gain. Assuming a 41% 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.) Bailey Industries Income Statement For the year ended December 31, 2012 $ $ Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Fitzgerald's financial statements. Below is selected financial information for the fiscal year ended June 30, 2012. FITZGERALD PHARMACEUTICAL INDUSTRIES SELECTED BALANCE SHEET INFORMATION JUNE 30, 2012 Longterm debt Notes payable, 10% $1,162,000 8% convertible bonds payable 5,114,000 10% bonds payable 6,095,000 Total longterm debt $12,371,000 Shareholders' equity Preferred stock, 5% cumulative, $56 par value, 105,300 shares authorized, 26,325 shares issued and outstanding $1,474,200 Common stock, $1 par, 10,066,000 shares authorized, 1,006,600 shares issued and outstanding 1,006,600 Additional paidin capital 4,017,400 Retained earnings Total shareholders' equity 6,016,900 $12,515,100 The following transactions have also occurred at Fitzgerald. 1. 2. 3. 4. 5. 6. Options were granted on July 1, 2011, to purchase 209,200 shares at $15 per share. Although no options were exercised during fiscal year 2012, the average price per common share during fiscal year 2012 was $20 per share. Each bond was issued at face value. The 8% convertible bonds will convert into common stock at 56 shares per $1,000 bond. The bonds are exercisable after 5 years and were issued in fiscal year 2011. The preferred stock was issued in 2011. There are no preferred dividends in arrears; however, preferred dividends were not declared in fiscal year 2012. The 1,006,600 shares of common stock were outstanding for the entire 2012 fiscal year. Net income for fiscal year 2012 was $1,505,000, and the average income tax rate is 45%. For the fiscal year ended June 30, 2012, calculate the following for Fitzgerald Pharmaceutical Industries. (Round the answers to 2 decimal places, e.g. $2.45.) (a) Basic earnings per share. Basic earnings per share $ (b) Diluted earnings per share. Diluted earnings per share $
