Ute co. had the following capital structure during year 1 and year 2: preferred stock, $10 par, 4% cumulative, 25,000 shares issued and outstanding $ 250,000 common stock, $5 par, 200,000 shares issued and outstanding 1,000,000 the preferred stock is not convertible. ute reported net income of $500,000 for the year ended december 31, year 2. ute paid no preferred dividends during year 1 and paid $16,000 in preferred dividends during year 2. in its december 31, year 2, income statement, what amount should ute report as basic earnings per share?

Basic Earnings Per Share = $2.45

Explanation:

Expectation: Calculate the Basic Earnings per Share

First, what is the net income for the year= $500,000

Preference dividend = $16

However, since the preference share is cumulative and no preference dividend was paid in the first year. It means the preference dividend of $16,000 paid was both for the first and second year

Hence, preference dividend for the second year = 4% x $250,000= 0.04x $250,000= $10,000

As such the Basic earning per share

= (Net income - Preference Dividend for the year 2)/Outstanding common shares

= ($500,000- $10,000)/200,000 shares

=$2.45

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