Connect CSecure https//newconnect.mheducation.com/flow/connect.html Ch. 19 - Bri

Question

Connect CSecure https//newconnect.mheducation.com/flow/connect.html Ch. 19 - Brief Exercises (80 minutes) Saved Help Save & Exlt Submlt 3 Check my work 13 Brief Exercise 19-13 EPS; nonconvertible preferred shares [LO19-7] 6.25 points At December 31, 2017 and 2018, Funk & Noble Corporation had outstanding 1,080 million shares of common stock and 15 million shares of 6%, $100 par value cumulative preferred stock. No dividends were declared on either the preferred or common stock in 2017 or 2018. Net income for 2018 was $2,034 million. The income tax rate is 40%. eBook Calculate earnings per share for the year ended December 31, 2018. (Round your answer to 2 decimal places.) References am r share Mc Graw Hill ???@) a e 8:35 PM 4/17/2018

Explanation / Answer

Annual preferred dividends = 15*100*6%= $90 million Earnings per share=(2034-90)/1080= $1.80

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