Profit Less: Preferred dividends Earnings available to common shareholders $2,952,010 203.000 $2.749.010 b. \begin{tabular}{|c|c|c|c|c|} \hline Time Period & OutstandingShares & EffectofShareDividend & FractionofYear & WeightedAverage \\ \hline & 520,000 & 1.2 & 1/12 & =52,000 \\ \hline February-April(520,0001.2)May-October & 624,000783,000 & 11 & 3/126/12 & =156,000=391,500 \\ \hline November-December........................Weighted-averageoutstandingshares & 825,000 & & 2/12 & =737.000137.500 \\ \hline \end{tabular} c. Earnings available to common shareholders Divided by weighted-average outstanding shares Earnings per share $2,749,010 737,000 $3.73 Profit Less: Preferred dividends Earnings available to common shareholders $2,952,010 203.000 $2.749.010 b. \begin{tabular}{|c|c|c|c|c|} \hline Time Period & OutstandingShares & EffectofShareDividend & FractionofYear & WeightedAverage \\ \hline & 520,000 & 1.2 & 1/12 & =52,000 \\ \hline February-April(520,0001.2)May-October & 624,000783,000 & 11 & 3/126/12 & =156,000=391,500 \\ \hline November-December........................Weighted-averageoutstandingshares & 825,000 & & 2/12 & =737.000137.500 \\ \hline \end{tabular} c. Earnings available to common shareholders Divided by weighted-average outstanding shares Earnings per share $2,749,010 737,000 $3.73