Response to the following problem:
Snow Cleaners, Inc,, had net income of $494,592 for its fiscal year ended November 30, 2012. During the year, the company had outstanding 64,000 shares of 12 percent $40 par value preferred stock, and 37,289 shares of common stock. Calculate the basic earnings per share of common stock for the 2012 fiscal year. Gwinnett Park Co. reported net income of $916,800 for its fiscal year ended September 30,2012. At the beginning of that year, 150, 000 shares of common stock were outstanding. On February 1, 2012, an additional 30,000 shares were issues. On August 1, 2012, 12,000 shares were purchased at treasury stock. During the year, the company paid the annual dividend of on 44,000 shares at 8%, $60 per value preferred stock that were outstanding during the entire fiscal year.
Calculate the earnings per share of common stock for the year ended September 30, 2012.