Problem #$3$

Basic EPS and Weighted Average Number of Shares

During $2023,$ Daktronics Incorporated had the following transaction in its common stock:

January $1-880,000$ shares of common stock were outstanding.

April $3-100,000$ shares were re$-$acquired.

July $2-200,000$ shares were issued.

October $1-$ The company had a $2-$for$-1$ stock split

October $3-50,000$ shares were issued.

Daktronics reported net income of $$560,000$ and paid preferred dividends of $$40,000$ during $2023.$ The tax rate is $40\%.$

REQUIRED:

Compute the weighted average number of shares for $2023.$

Compute basic EPS for Daktronics for $2023.$