Shull Corporation Income statement For the Year Ended December 31, Year 2 (dollars in thousands)
Sales (all on account)...........................$1,130
Less Cost of goods sold..................... 700
Equals Gross Margin.............................430
Less Selling and administrative expenses..244
Equals Net operating income........................186
Less Interest expense.................................... 29
Equals Net income before taxes...................157
Less Income taxes(30%)................................47
Equals Net income......................................$110
Dividends on common stock during year 2 totaled $40 thousand. Dividends on preferred stock totaled $10 thousand. The market price of common stock at the end of year 2 was $9.80 per share.
Find earnings per share (of common stock).