Lancaster Company had an income of $500,000 net of tax but before extraordinary items in 2020. They had an extraordinary loss of $100,000 net of tax. They had 10,000 shares of convertible preferred $100 par stock, 6% dividend, with one year's dividend in arrears, convertible into 20,000 shares of common stock. Lancaster's weighted average shares for 2020 were 100,000 shares. The tax rate is 20%. Prepare in good format earnings per share calculations for 2020 on all necessary parts of income.

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Particulars Amount Net Income After Taxes but before e... View the full answer