Financial statements for Larned Company appear below:
Larned Company
Statement of Financial Position
December 31, 19X6 and 19X5
(dollars in thousands)
19X6 19X5
Current assets:
Cash and marketable securities $130 $100
Accounts receivable, net 150 130
Inventory 100 100
Prepaid expenses 20 20
Total current assets 400 350
Noncurrent assets:
Plant & equipment, net 1,640 1,600
Total assets $2,040 $1,950
Current liabilities:
Accounts payable $120 $120
Accrued liabilities 110 80
Notes payable, short term 170 160
Total current liabilities 400 360
Noncurrent liabilities:
Bonds payable 370 400
Total liabilities 770 760
Stockholders' equity:
Preferred stock, $20 par, 10% 120 120
Common stock, $10 par 180 180
Additional paid-in capital--common stock 110 110
Retained earnings 860 780
Total stockholders' equity 1,270 1,190
Total liabilities & stockholders' equity $2,040 $1,950
Larned Company
Income Statement
For the Year Ended December 31, 19X6
(dollars in thousands)
Sales (all on account) $2,930
Cost of goods sold 2,050
Gross margin 880
Operating expenses 350
Net operating income 530
Interest expense 40
Net income before taxes 490
Income taxes (30%) 147
Net income $ 343
Dividends during 19X6 totalled $263 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, 19X6 was $160. what Larned Company's earnings per share of common stock for 19X6 was closest to ?