As of December 31, 2015, the Frisbee Company had 250,000 shares of common stock issued and outstanding. On March 31, 2016, the company sold an additional 50,000 shares for cash. Frisbee's net income for the year ended December 31, 2016 was $700,000. During 2016, Frisbee declared and paid $80,000 in cash dividends on its nonconvertible preferred stock. 

What is 2016 basic earnings per share (rounded)?

Answer rating: 100% (QA)

weighted average number of common shares outstanding Shares outstanding as of Dec... View the full answer