2011, it had the following transactions that affected the common stock account.Mar. 1 Issued 250,000 shares in exchange for landApr. 1 Acquired 200,000 shares of treasury stockJuly 1 Issued a 20% stock dividendSept. 1 Reissued 240,000 shares of treasury stock(adjusted for 20% stock dividend)Oct. 1 Issued a 2-for-1 stock splitInstructions(a) Determine the weighted average number of shares outstanding as of December 31, 2011.(b) Assume that Vermont Maple Corp. earned net income of $8,352,000 during 2011. In addition, it had 200,000 shares of 9%, $100 par value nonconvertible, cumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2010 or 2011. Compute earnings per share for 2012, using the weighted average number of shares determined in part (a).(c) Assume the same facts as in part (b), except that the preferred stock was noncumulative. Computeearnings per share for 2011.(d) Assume the same facts as in part (b), except that net income included a loss from discontinuedoperations of $500,000, net of $300,000 in income taxes. Compute earnings per share for 2011.
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