Question: Evans Company reported net income of $1,050 million in 2016. The weighted average number of common shares outstanding during 2016 was 480 million shares.

Evans Company reported net income of $1,050 million in 2016. The weighted

Evans Company reported net income of $1,050 million in 2016. The weighted average number of common shares outstanding during 2016 was 480 million shares. Evans paid $50 million in dividends on preferred stock, which was convertible into 40 million shares of common stock. What is the diluted earnings per share amount for 2016?

Step by Step Solution

★★★★★

3.51 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Diluted earning per sha... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

A person deposits $12,000 per year for 5 years, with the first deposit made one year from the present. One year after the last deposit, the person makes continuous withdrawals of $2,000 for the next...

The Green Fiddle is considering a project that will produce sales of $87,000 a year for the next four years. The profit margin is 6 percent, the project cost is $96,000, and depreciation is...

Consider a project that will bring in upfront cash inflows for the first two years but require paying some money to close the project in the third year. This is a simple borrowing project. Determine...

A Corporation had $2,100,000 net income in 2016. On January 1, 2016 there were 200,000 shares of common stock outstanding. On April 1, 24,000 shares were issued and on September 1, the Corporation...

The initial screening test for prostate cancer often involves the measurements of prostate-specific antigen (PSA)2. The test can be measured in urine which makes it inexpensive and non-invasive....

1. Describe Home Depot's competitive strategy. Is the company attempting to do too many contradictory things? What are the key risks of pursuing this strategy? What are the benefits? 2. Home Depot's...

2022 2021 2020 Notes $m $m $m Product Sales 12,98 36,54 25,890 Collaboration Revenue 1,353 876 727 Total Revenue 14,351 37,41 26,617 Cost of sales 12,391 (12,437) (5,299) Gross profit 31,960 24,980...

7. During the current calendar year, Smith Corporation had the common stock record shown. OutstandingJanuary 1: 2,000,000 Additional shares issued 3/31: 100,000 Distributed a 10% stock dividend on...

Help please Alpha Company purchased a $1,000, 5 years, 5% bond on July 1, 2015 for $950. Interest is paid semi- annually on June 30. The straight line method of amortization is used for both premiums...

Question 1 Alpha Company purchased a $1,000, 5 years, 5% bond on July 1, 2015 for $950. Interest is paid semi-annually on June 30. The straight line method of amortization is used for both premiums &...

Part A Supply Ltd entered into a non-cancellable five-year lease arrangement with Customer Ltd on 1 July 2019. The lease is for an item of machinery. There are to be five annual payments of $315 000,...

Are there any cultural practices that are reprehensible in your culture? Are there any Australian cultural practices that may be difficult for a foreigner to understand? How would you deal with this...

Question 2 ( 1 point ) Evaluate lim x e - x . If the corresponding limit is infinity, then insert INF in the blank. If the corresponding limit is negative infinity, then insert - INF in the blank....

Three years ago, you invested in the Future Investco Mutual Fund by purchasing 1,000 shares of the fund at a net asset value of $20.00 per share. Because you did not need the income, you elected to...

The W-2 income of Sandra, a single taxpayer, was $86,464. Using the tax tables, determine Sandras tax liability.

Ruby Red Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2017 Accumulated other comprehensive income (loss).............................$(25,000)...

You invested in the no-load OhYes Mutual Fund 1 year ago by purchasing 1,000 shares of the fund at the net asset value of $25.00 per share. The fund distributed dividends of $1.50 and capital gains...

You purchased 1,000 shares of MutualMagic 1 year ago for $20.00 per share. During the year, you received $2.00 in dividends, half of which was from dividends on stock the fund held and half of which...

A man was running for political office. He wrote an editorial in the local newspaper, alleging that his opponent had received campaign contributions froma racist group. It turned out that this was...

On December 31, 2011, Pen Corporation purchased 80 percent of the stock of Sut Company at book value. The data reported on their separate balance sheets immediately after the acquisition follow. At...

Kennington Company has outstanding debt that contains restrictive covenants limiting dividends to 15 percent of net income from continuing operations. During 2012, the company reported net income...

Sun Corporation was created on January 1, 20X2, and quickly became successful. On January 1, 20X6, the owner sold 80 percent of the stock to Weatherbee Company at underlying book value. Weatherbee...

16-7 DIVIDENDS Bowles Sporting Inc. is prepared to report the following 2015 income statement (shown in thousands of dollars). Prior to reporting this income statement, the company wants to determine...

Ethan Corporation had 100,000 common shares outstanding on December 31, 2019. During 2020, the company issued 12,000 shares on March 1, retired 5,000 shares on July 1, issued a 20% stock dividend on...

Berclay Tile Company reported net income of $6,160 for 2008 but has been showing an overdraft in its bank account in recent months. The manager has contacted you as the auditor for an explanation....