Calculating Earnings Per Common Share
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At December 31, 2007 and 2006, Broken Arrow Corp. had 180,000 shares of common stock ad 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2007 or 2006. Net income for 2007 was $400,000. For 2007, earnings per common share amounted to?
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Solution Summary
A tutorial is provided on how to calculate earnings per common share.
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The formula is: (net income - dividends on preferred stock) / average outstanding shares
In following that we know the net income was ...
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