Norton Corporation reports the following information: Net income $800,000 Dividends on common stock $200,000 Dividends on preferred stock $100,000 Weighted average common shares outstanding 200,000 Norton should report earnings per share of

$3.5

Explanation:

As per the situation the computation of earnings per share is shown below:-

Earnings per share = (Net income - Preferred dividends) ÷ Weighted average common shares outstanding

= ($800,000 - $100,000) ÷ 200,000

= $700,000 ÷ 200,000

= $3.5

Therefore for determining the earnings per shares we simply applied the above formula.

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