The price of Coca‐Cola on December 31, 2013, was $41.31. The most recent 12‐month trailing earnings per share for the company at the time was $2.08. The trailing P/E ratio, therefore, was 19.9. If analysts estimate that the next four quarters of earnings will total $2.24 per share, the leading P/E for Coca‐Cola is 18.4.