Eris, Inc., reports the following for 2012:
Income from continuing operations before income tax .........$800,000
Extraordinary property loss from hurricane .............. $100,000*
Loss from discontinued operations ................ $120,000*
Weighted average number of shares outstanding ............ 50,000
Applicable tax rate ......................... 40%
*Net of any tax effect.
a. Prepare a partial income statement for Eris, Inc., beginning with income from continuing operations before income tax.
b. Calculate the earnings per common share for Eris, Inc., including per-share amounts for unusual items.