At December 31, 2019, Concord Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,956 shares $10,795,600
Common stock, $5 par, 4,068,220 shares 20,341,100
During 2020, Concord did not issue any additional common stock. The following also occurred during 2020.
Income from continuing operations before taxes $22,234,700
Discontinued operations (loss before taxes) $3,457,200
Preferred dividends declared $1,079,560
Common dividends declared $2,404,100
Effective tax rate 35%
Compute earnings per share data as it should appear in the 2020 income statement of Concord Corporation.

                                 Concord Corporation

                                   Income Statement

                                         31-Dec-20

Particulars                                                    Amount

Net Income:  

Income from continuing operation             $22,234,700

before income tax

Income Tax (35%)                                          $7,782,145    

Income from continuing operation  $14,452,555

Discontinued operations

Losses before taxes        $3,457,200.00  

Less: Income tax (35%)    $1,210,020.00      $2,247,180

Net Income                                                    $12,205,375

Preferred dividend declared                                 $1,079,560

Weighted average common share outstanding  4,068,220

Earning per share = Income from continuing operation - Discontinued operation, net of tax

Where Income from continuing operation = ($14,452,555 - $1,079,560) / 4068220 = $3.29. Discontinued operation, net of tax  = ($2,247,180/4068220) = -$0.55

Earning per share = $3.29 - $0.55

Earning per share = $2.74

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