Stanley Department Stores reported net income of $738,000 for the year ended December 31, 2016. Additional Information: Common shares outstanding at Jan. 1, 2016 65,000 Incentive stock options (vested in 2015) outstanding throughout 2016 12,000 (Each option is exercisable for one common share at an exercise price of $21.00) During the year, the market price of Stanleys common stock averaged $25.2 per share. On Aug. 30 Stanley sold 15,000 common shares. Stanleys only debt consisted of $32,000 of 10% short term bank notes. The companys income tax rate is 40%.

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