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Stanley Department Stores reported net income of $720,000 for the year ended December 31, 2024. Additional Information: Common shares outstanding at January 1, 2024 80,000
Stanley Department Stores reported net income of $720,000 for the year ended December 31, 2024.
Additional Information:
Common shares outstanding at January 1, 2024 | 80,000 |
---|---|
Incentive stock options (vested in 2023) outstanding throughout 2024 | 24,000 |
(Each option is exercisable for one common share at an exercise price of $37.50.) | |
During the year, the market price of Stanleys common stock averaged $45 per share. | |
On August 30, Stanley sold 15,000 common shares. | |
Stanleys only debt consisted of $50,000 of 10% short-term bank notes. | |
The companys income tax rate is 25%. |
Required:
Compute Stanleys basic and diluted earnings per share for the year ended December 31, 2024.
Note: Do not round intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10).
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