Question
In: Accounting
On December 31, 2020, Berclair Inc. had 600 million shares of common stock and 16 million...
On December 31, 2020, Berclair Inc. had 600 million shares of
common stock and 16 million shares of 9%, $100 par value cumulative
preferred stock issued and outstanding. On March 1, 2021, Berclair
purchased 30 million shares of its common stock as treasury stock.
Berclair issued a 4% common stock dividend on July 1, 2021. Four
million treasury shares were sold on October 1. Net income for the
year ended December 31, 2021, was $800 million.
Also outstanding at December 31 were 63 million incentive stock
options granted to key executives on September 13, 2016. The
options were exercisable as of September 13, 2020, for 63 million
common shares at an exercise price of $60 per share. During 2021,
the market price of the common shares averaged $70 per share.
The options were exercised on September 1, 2021.
Required:
Compute Berclair’s basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Do not round intermediate calculations.)
SHOW ALL WORK PLEASE
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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preferred stock issued and outstanding. On March 1, 2021, Berclair
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million treasury shares were sold on October 1. Net income for the
year ended December 31, 2021, was $180 million.
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