Business, 30.03.2021 03:30, jholland03

On December 31, 2020, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Jackson purchased 24,000 shares of common stock on the open market as treasury stock for $35 per share. Jackson sold 6,000 treasury shares on September 30, 2021, for $37 per share. Net income for 2021 was $180,905. Also outstanding during the year were fully vested incentive stock options giving key executives the option to buy 50,000 common shares at $40. The market price of the common shares averaged $39 during 2021. Required: Compute Jackson's basic and diluted earnings per share for 2021.

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On December 31, 2020, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shar...