Reference no: EM131261510
On December 31, 2015, Dow Steel Corporation had 790,000 shares of common stock and 49,000 shares of 7%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $590,000 and $88,000 to common and preferred shareholders, respectively, on December 15, 2016.
On February 28, 2016, Dow sold 72,000 common shares. In keeping with its long-term share repurchase plan, 6,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2016, was $3,050,000. The income tax rate is 40%.
Required:
Compute Dow's earnings per share for the year ended December 31, 2016.
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