Earnings per common share for Dryer Co
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Dryer Co had 300,000 shares of common stock issued and outstanding 12/31/03. During 2004, no additional common stock was issued. On 1/1/04 Dryer issued 400,000 shares of nonconvertible preferred stock. During 2004 Dryer declared and paid $240,000 cash dividends on the common stock and $200,000 on the nonconvertible preferred stock. Net income for the year ended 12/31/04 was $1,280,000. What should be Dryer's 2004 earnings per common share, rounded to the nearest penny?
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