Question: Ute Co. had the following capital structure during 2010 and 2011: Preferred stock, $10 par, 4% cumulative, 25,000 shares issued and outstanding $ 250,000 Common

Ute Co. had the following capital structure during 2010 and 2011:

Preferred stock, $10 par, 4% cumulative, 25,000 shares issued and outstanding $ 250,000 Common stock, $5 par, 200,000 shares issued and outstanding 1,000,000 Ute reported net income of $500,000 for the year ended December 31, 2011. Ute paid no preferred dividends during 2010 and paid $16,000 in preferred dividends during 2011.

In its December 31, 2011 income statement, what amount should Ute report as basic earnings per share?

a. $2.42

b. $2.45

c. $2.48

d. $2.50

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