Problem 13-5B Weighted-average shares outstanding and earnings per share Lo3 excel CHECK FIGURE: Weighted-average outstanding shares = 118,900 Fitz Products Inc. reported $1,075,049 profit in 2020 and declared preferred dividends of $75,100. The follow- ing changes in common shares outstanding occurred during the year. 1 Jan. Mar. 1 78,000 common shares were outstanding. Declared and issued a 30% common share dividend. Sold 30,000 common shares. Sold 30,000 common shares. Aug. Nov. 1 Calculate the weighted-average number of common shares outstanding during the year and earnings per share. Round calculations to two decimal places. Analysis Component: What is the effect of a share dividend on earnings per share? 909