Question: At January 1, 2020, Sheridan Company's outstanding shares included the following.
297,000 shares of $50 par value, 8% cumulative preferred stock879,000 shares of $1 par value common stock.
Net income for 2020 was $2,568,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2020.
On April 1, 2020, 458,000 shares of common stock were sold for $10 per share, and on October 1, 2020, 116,000 shares of common stock were purchased for $19 per share and held as treasury stock.
Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021.
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