SHORT ANSWER. W question. rite the word or phrase that best completes each statement or answers the 16) 16) On December 31, 2015, Witherspoon Services had 800,000 shares of common stock and 200,000 shares of 5.5%, noncumulative, nonconvertible $10 par preferred stock issued and outstanding On March 2, 2016, Witherspoon sold 120,000 common shares. In keeping with its long-term share repurchase plan, 30,000 shares were retired on August 31 . Witherspoon distributed a 10% common stock dividend on June 3. Witherspoon's net income for the year ended December 31, 2014, was $600,000. The company paid cash dividends of $110,000 to preferred shareholders on December 20, 2016, The income tax rate is 40%. Required: Compute Witherspoon's earnings per share for the year ended December 31, 2016 SHORT ANSWER. W question. rite the word or phrase that best completes each statement or answers the 16) 16) On December 31, 2015, Witherspoon Services had 800,000 shares of common stock and 200,000 shares of 5.5%, noncumulative, nonconvertible $10 par preferred stock issued and outstanding On March 2, 2016, Witherspoon sold 120,000 common shares. In keeping with its long-term share repurchase plan, 30,000 shares were retired on August 31 . Witherspoon distributed a 10% common stock dividend on June 3. Witherspoon's net income for the year ended December 31, 2014, was $600,000. The company paid cash dividends of $110,000 to preferred shareholders on December 20, 2016, The income tax rate is 40%. Required: Compute Witherspoon's earnings per share for the year ended December 31, 2016