Mayan Company had net income of $132,000. The weighted-average common shares outstanding were 80,000. The company declared a $27,000 dividend on its noncumulative, nonparticipating preferred stock. There were no other stock transactions. The company's earnings per share is:
A) $1.65.
B) $1.99.
C) $1.31.
D) $0.34.
E) $4.89.
C) $1.31.
Explanation: Earnings per Share = (Net Income - Preferred Dividends)/Weighted-Average
Common Shares Outstanding
Earnings per Share = ($132,000 - $27,000)/80,000 = $1.31
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