Question - Earnings per Share
At December 31, 2009, Schroeder Corporation had the following stock outstanding.
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8% cumulative preferred stock, $100 par, 108,924 shares
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$10,892,400
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Common stock, $5 par, 4,039,040 shares
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20,195,200
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During 2010, Schroeder's did not issue any additional stock. The following also occurred during 2010.
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Income from continuing operations before taxes
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$28,753,800
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Discontinued operations (loss before taxes)
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3,247,400
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Preferred dividends declared
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871,392
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Common dividends declared
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2,300,100
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Effective tax rate
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35%
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Compute earnings per share data as it should appear in the 2010 income statement of Schroeder Corporation.