Lancaster Company had earnings net of tax but before extraordinary items of $$500,000.$ They had an extraordinary loss net of tax of $$100,000.$ Lancaster had a weighted average number of shares of $200,000$ common shares. They also had $10,000$ shares of convertible $$100$ par preferred stock, $8\%,$ with one years dividend in arrears, convertible into $20,000$ shares of common stock. Their tax rate is $20\%.$Show in good format all earnings per share calculations necessary for income statement presentation.

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1 Calculate basic EPS Basic EPS Net Income Extraordinary Loss Weight... View the full answer