Computing EPS Altar, Corp., earned net income of $118,000 for 2012. Altar’s books include the following figures:
|
Preferred stock, 3%, $50 par, 1,000 shares issued |
|
|
and outstanding |
$ 50,000 |
|
Common stock, $2 par, 53,000 issued |
106,000 |
|
Paid in capital in excess of par—common |
460,000 |
|
Treasury stock, common, 1,200 at cost |
24,000 |
Requirement
1. Compute Altar’s EPS for the year.