Brady, Inc., reports the following for 2010:
Income from continuing operations before income tax $500,000
Extraordinary property loss from hurricane $60,000*
Loss from discontinued operations $90,000*
Weighted average number of shares outstanding 40,000
Applicable tax rate 40%
*Net of any tax effect.
(a) Prepare a partial income statement for Brady, Inc., beginning with income from continuing operations before income tax.
(b) Calculate the earnings per common share for Brady, Inc., including per-share amounts for unusual items.