Thrifty Co reported net income of 465,000 for its fiscal year ended Jan 31 2011. At the beginning of that fiscal year, 200,000 shares of common stock were outstanding. On Oct 31,2010, an additional 60,000 shares were issued. No other changes in common shares outstanding occured during the year. Also during the year, the company paid tha annual dvidident on the 25,000 shares of 7%, $40 par value preferred stock that were also outstanding the entire year.
A) calucate the basic earrings per share of common stock for the year ended Jan 31,2011