Problem:
McDonnell-Myer Corporation reported net income of $1,150 million. The company had 469 million common shares outstanding at January 1 and sold 42 million shares on Feb. 28. As part of an annual share repurchase plan, 6 million shares were retired on April 30 for $32 per share.
Required:
Question: Calculate McDonnell-Myer's earnings per share for the year.
Note: Please describe comprehensively and provide step by step solution.