Exercise 16-18
Sheffield Inc. presented the following data.
Net income
Preferred stock: 46,000 shares outstanding, $100 par, 8%
cumulative, not convertible
Common stock: Shares outstanding 1/1
Issued for cash, 5/1
Acquired treasury stock for cash, 8/1
2-for-1 stock split, 10/1 $2,670,000
4,600,000
789,600
307,200
136,800 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.)
Earnings per share event Dates shares
oustanding beg bal Jan 1- May 1 789,600.00 Issued shares May 1 – Aug 1 2.00 3.00 12.00 – reaquired shares Aug 1 – Oct 1 2.00 2.00 12.00 – stock split Oct 1-Dec 31 1.00 3.00 12.00 197,400.00 789,600.00 stock split
restatement # of
months 12 Months Weighted
Shares 2.00 4.00 12.00 526,400.00 723,800.00
EPS 2,670,000.00
00 368,000.00
723,800. 3.18

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