(Learning Objective 1: Computing and using earnings per share) Midtown Holding
Company operates numerous businesses, including motel, auto rental, and real estate companies. Year 20X6 was interesting for Midtown, which reported the following on its income statement (in millions):
|
Net revenues |
$3,930 |
|
Total expenses and other |
3,354 |
|
Income from continuing operations |
576 |
|
Discontinued operations, net of tax |
84 |
|
Income before extraordinary item, net of tax |
660 |
|
Extraordinary gain, net of tax |
8 |
|
Net income |
$ 668 |
During 20X6, Midtown had the following (in millions, except for par value per share):
|
Common stock, $0.01 par value, 900 shares issued |
$ 9 |
|
Treasury stock, 180 shares at cost |
(3,568) |
Required
Show how Midtown should report earnings per share for 20X6.