Assume that the following data relative to kane company for 2018 is available: net income $2,830,000 transactions in common shares change cumulative jan. 1, 2018, beginning number 690,000 mar. 1, 2018, purchase of treasury shares (50,400) 639,600 june 1, 2018, stock split 2-1 639,600 1,279,200 nov. 1, 2018, issuance of shares 246,000 1,525,200 6% cumulative convertible preferred stock sold at par, convertible into 210,000 shares of common (adjusted for split): $1,050,000 stock optionsexercisable at the option price of $25 per share. average market price in 2018, $30 (market price and option price adjusted for split): 96,000 sharesa. compute weighted average shares outstanding for 2018b. compute the basic earnings per share for 2018.c. compute the diluted earnings per share for 2018.

Weighted average shares outstanding = 1,337,000

Basic EPS = $2.07

Diluted EPS = $1.78

Explanation:

Computation of Weighted Average Shares outstanding for 2018

DateParticularsShares

1-JanOutstanding690,000

1-MarRepurchase (25/30 x 50,400)-42,000  = 648,000

1-JunStock split 2-1 (648,000 x 2) = 1,296,000

1-NovIssued (1/6 x 246,000)= 41,000

Weighted Average Shares outstanding =1,337,000

Computation of Basic Earnings per share for the year 2018

Basic Earnings per Share(Total Income - Preferred Dividend) / Outstanding Shares

($2,830,000 - $63,000) / 1,337,000 shares

2,767,000/1,337,000 shares

$2.07

Hence EPS basic = $2.07

Note: Preferred Dividend = 6% x $1,050,000 = $63,000

Additional shares for purposes of diluted earnings per share

Particulars                                                           Shares

Potentially Dilutive Securities  

6% Cumulative Convertible Preferred Stock  210,000

Stock Options  

Proceeds from exercise of 96,000 options (96,000 x $25)

= $2,400,000  

Shares issued upon exercise of options = 96,000  

Less: Treasury stock purchasable with proceeds

    ($2,400,000 / $30) = 80,000

hence, (96,000 - 80,000) =                                           16,000

Dilutive Securities (Additional Shares)  =              216,000

Computation of Diluted Earnings per share for the year 2018

Diluted Earnings per Share(Total Income - Preferred Dividend) / (Outstanding Shares + Diluted Shares)

(2,830,000 - $63,000) / (1,337,000 + 216,000) shares

$2,767,000 / 1,553,000 shares

$1.78

Hence EPS dilute = $1.78

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explanation:

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