Question
The following information is available for Oriole Inc., a company whose shares are traded on the Toronto Stock Exchange: Net income for 2023 $149,000 Average
The following information is available for Oriole Inc., a company whose shares are traded on the Toronto Stock Exchange:
Net income for 2023 | $149,000 | ||
Average market price of common shares during 2023 (adjusted for stock dividend) | $18 | ||
December 31, 2023 (fiscal year end) market price of common shares | $18 | ||
Income tax rate for fiscal year 2023 | 30 | % |
Transactions in common shares during 2023: | Change | Cumulative shares | ||||
---|---|---|---|---|---|---|
Jan. 1, 2023, common shares outstanding | 70,200 | |||||
Mar. 1, 2023, issuance of common shares | 10,200 | 80,400 | ||||
June 1, 2023, 10% stock dividend | 8,040 | 88,440 | ||||
Nov. 1, 2023, repurchase of common shares | (10,200 | ) | 78,240 |
Other information:
1. | For all of the fiscal year 2023, $110,000 of 6% cumulative convertible bonds have been outstanding. The bonds were issued at par and are convertible into a total of 10,400 common shares (adjusted for the stock dividend), at the option of the holder, at any time after issuance. | |
2. | Call stock options for 20,600 common shares have been outstanding for the entire 2023 fiscal year and are exercisable at the option price of $23 per share (adjusted for the stock dividend). | |
3. | For all of the fiscal year 2023, $110,000 of 4% cumulative convertible preferred shares have been outstanding. The preferred shares are convertible into a total of 15,600 common shares (adjusted for the stock dividend) at the option of the holder at any time after January 2028. |
(a)
Determine the weighted average number of common shares that would be used in calculating earnings per share for the year ended December 31, 2023. (Round answer to 0 decimal places, e.g. 5,275.)
Weighted average number of common shares | enter the weighted average number of common shares rounded to 0 decimal places shares |
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