The stockholders’ equity section of Tkachuk Corporation appears below as of December 31, 2008.

Net income for 2008 reflects a total effective tax rate of 34%. Included in the net income figure is a loss of $18,000,000 (before tax) as a result of a major casualty, which should be classified as an extraordinary item. Preferred stock dividends of $360,000 were declared and paid in 2008. Dividends of $1,000,000 were declared and paid to common stockholders in 2008.

Instructions

Compute earnings per share data as it should appear on the income statement of Tkachuk Corporation.

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8% preferred stock, $50 par value, authorized $ 4,500,000 100,000 shares, outstanding 90,000 shares Common stock, $1.00 par, authorized and issued 10 million shares Additional paid-in capital 10,000,000 20,500,000 Retained earnings $134,000,000 Net income 33,000,000 167,000,000 $202,000,000