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?© BrainMass Inc. brainmass.com June 3, 2020, 9:50 pm ad1c9bdddf
The solution explains step-by-step how to calculate the earnings per common share.