E$16-16($EPS: Simple Capital Structure$)$ On January $1,2012$ Chang Corp. had $480,000$ shares of common Stock outstanding. During $2012,$ it had the following transactions that affected the Common Stock account.

February $1$ Issued $120,000$ shares.

March $1$ Issued a $20\%$ stock dividend.

May $1$ Acquired $100,000$ shares of treasury stock.

June $1$ Issued a $3-$for$-1$ stock split.

October $1$ Reissued $60,000$ shares of treasury stock.

Instructions

$($a$)$ Determine the weighted$-$average number of shares outstanding as of December $31,2012.$

$($b$)$ Assume that Chang Corp. earned net income of $$3,256,000$ during $2012.$ In additional, it had $100,000$ shares of $9\%,$ $$100$ par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in $2012.$ Compute earnings per share for $2012,$ using the weighted$-$average number of shares determined in part $($a$).$

$($c$)$ Assume the same facts as in part $($b$),$ except that the preferred stock was cumulative. Compute earnings per share for $2012.$

$($d$)$ Assume the same facts as in part $($b$),$ except that net income included an extraordinary gain of $$864,000$ and a loss from discontinued operations of $$432,000.$ Both items are net of applicable income taxes. Compute earnings per share for $2012.$