On Dec31.08 XZ had 600.000 shares of common stock and 300.000 shares of 8% ,nonc

Question

On Dec31.08 XZ had 600.000 shares of common stock and 300.000 shares of 8% ,noncumulative , nonconvertible preferred stock issued and outstanding.
XZ issued a 4% common stock divident on May 15 and paid cash dividends of $400.000 and $75.000 to common and preferred shareholders, respectively ,on Dec 15,2009
On February 28,2009 XZ sold 60.000 common shares .In keeping with its long-term share repurchase plan, 2000 shares were retired on July 1
XZ net income for the year ended Dec 31.2009 was $2.100.000
Income tax rate is 40%

1. Calculate Weighted - average number of share outstanding for the year ended Dec,31,2009
2. Calculate earnings per share for the year ended Dec,31.2009

Please if you can provide some details will be great.Thank you very much for your help

Explanation / Answer

Periode Covered

Weighted Shares

Dec 31 2008 Common Stock on Dec 31, 2008 600000 Add: new issued shares on Feb28,2009 60000 660000 Less: Retaired Shares on july 1 2000 Total Stock on DEC31,2009 658000

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