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EPS Calculations Solve BOTH EPS (Earnings Per Share) questions below QUESTION #1) Stanley Department Stores reported net income of $720,000 for the year ended December 31, 2021. Additional Information: Common shares outstanding at Jan. 1, 2021 80,000 Incentive stock options (vested in 2020) outstanding throughout 2021 24,000 (Each option is exercisable for one common share at an exercise price of $37.50) During the year, the market price of Stanley’s common stock averaged $45 per share. On Aug. 30 Stanley sold 15,000 common shares. Stanley’s only debt consisted of $50,000 of 10% short term bank notes. The company’s income tax rate is 40%. Required: Compute Stanley’s basic and diluted earnings per share for the year ended December 31, 2021 QUESTION #2) Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020 Common shares 100,000 100,000 Convertible preferred shares (convertible into 32,000 shares of common) 12,000 12,000 10% convertible bonds (convertible into 30,000 shares of common) 1,000,000 1,000,000 Ames’s net income for the year ended December 31, 2021, is $500,000. The income tax rate is 40%. Ames paid dividends of $5 per share on its preferred stock during 2021. Required: Compute basic and diluted earnings per share for the year ended December 31, 2021.
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