Dublin Inc. had the following common stock record during the current calendar year: Outstanding-beginning of year 2,600,000 Additional shares issued 6/30 280,000 Additional shares issued 9/30 280,000 A 13% stock dividend was paid on December 1. What is the number of shares to be used in computing basic EPS?

The correct answer is 3,175,300.

Explanation:

According to the scenario, the computation of the given data are as follows:

We can calculate the number of shares by using following formula:

Number of shares = [ Outstanding + ( Additional share × Months) + ( Additional share × Months)] × 1+Dividend

By putting the value, we get

= [2,600,000 + (280,000 × 6/12) + (280,000 × 3/12)] × 1.13

= [ 2,600,000 + 140,000 + 70,000 ] × 1.13

= 3,175,300

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