Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corpora

Question

Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2011, 2012, and 2013.

4,497

Infer from the statements the events and transactions that affected Locke Intertechnology Corporation's shareholders' equity and compute earnings per share as it would have appeared on the income statements for the years ended December 31, 2011, 2012, and 2013. No potential common shares were outstanding during any of the periods shown. (Do not round intermediate calculations and round your final answers to 2 decimal places.)

Earnings per share for the year ended

December 31, 2011 / 2012 / 2013 = ?

Comparative Statements of Shareholders’ Equity for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2011, 2012, and 2013.

Explanation / Answer

Earning Per share (In millions) 2011 2012 2013 Net Income 410 510 446 Less : Preferred cash dividend 2 2 3 Net Income attributable to Common stockholder 408 508 443 Weighted average common stock outstanding 73.5 106.5 118.15 EPS 5.55 4.77 3.75 Weighted No. of common stock at December 31, 2011 Jan-01 Balance 70 70 Jul-01 Sale 7 3.5 for 6 Months 73.5 Weighted No. of common stock at December 31, 2012 Jan-01 Balance 77 77 Apr-01 Retirement -6 -6 for 12 months Aug-12 Stock dividend 35.5 35.5 for 12 months 106.5 Weighted No. of common stock at December 31, 2013 Jan-01 Balance 106.5 106.5 May-01 Stock dividend 10.65 10.65 for 12 months Sept-01 Sale 3 1 for 4months 118.15

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