Question
The stockholders equity section of Kingbird Corporation appears below as of December 31, 2020. 8% preferred stock, $50 par value, authorized 118,000 shares, outstanding 108,000
The stockholders equity section of Kingbird Corporation appears below as of December 31, 2020.
8% preferred stock, $50 par value, authorized | ||||
118,000 shares, outstanding 108,000 shares | $5,400,000 | |||
Common stock, $1.00 par, authorized and issued 12,000,000 shares | 12,000,000 | |||
Additional paid-in capital | 24,600,000 | |||
Retained earnings | $160,800,000 | |||
Net income | 39,600,000 | 200,400,000 | ||
$242,400,000 |
Net income for 2020 reflects a total effective tax rate of 20%. Included in the net income figure is a loss of $21,600,000 (before tax) as a result of a non-recurring major casualty. Preferred stock dividends of $432,000 were declared and paid in 2020. Dividends of $1,200,000 were declared and paid to common stockholders in 2020. Compute earnings per share data as it should appear on the income statement of Kingbird Corporation. (Round answers to 2 decimal places, e.g. 1.48.)
Earnings Per Share | ||
Net Income / (Loss) | $ |
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