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Calculate the weighted-average number of common shares

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Reference no: EM132521076

Question - Omar Products Inc. reported a profit in 2020 and declared a preferred share dividend. The amounts follow:

Profit for the year $ 1,059,000

Preferred share dividends declared $62,000

The following changes in common shares outstanding occurrred during the year.

1-Jan The number of common shares outstanding on Jan 1 was 632000

1-Mar Declared and issued a 30% stock dividend

1-Aug Sold common shares

Number of common shares sold 21000

1-Nov Sold common shares

Number of common shares sold 42000

Required -

1. Calculate the weighted-average number of common shares outstanding during the year.

2. Calculate the earnings per share. Round calculations to two decimal places.

Reference no: EM132521076

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