Question - At December 31, 2011, Schroeder Corporation had the following stock outstanding.
|
8% cumulative preferred stock, $100 par, 107,500 shares
|
$10,750,000
|
|
Common stock, $5 par, 4,000,000 shares
|
20,000,000
|
During 2012, Schroeder's did not issue any additional stock. The following also occurred during 2012.
|
Income from continuing operations before taxes
|
$21,650,000
|
|
Discontinued operations (loss before taxes)
|
3,225,000
|
|
Preferred dividends declared
|
860,000
|
|
Common dividends declared
|
2,200,000
|
|
Effective tax rate
|
35%
|
Required - Compute earnings per share data as it should appear in the 2012 income statement of Schroeder Corporation.