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Assume that the following data relative to Kane Company for 2018 is available: ...

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Accounting

Assume that the following data relative to Kane Company for 2018 is available:

Net Income $2,800,000
Transactions in Common Shares Change Cumulative
Jan. 1, 2018, Beginning number 650,000
Mar. 1, 2018, Purchase of treasury shares (55,200) 594,800
June 1, 2018, Stock split 2-1 594,800 1,189,600
Nov. 1, 2018, Issuance of shares 216,000 1,405,600
6% Cumulative Convertible Preferred Stock
Sold at par, convertible into 190,000 shares of common (adjusted for split). $950,000
Stock Options
Exercisable at the option price of $25 per share. Average market price in 2018, $30 (market price and option price adjusted for split).

Compute weighted average shares outstanding for 2018.

Weighted average shares outstanding

Compute the basic earnings per share for 2018. (Round answer to 2 decimal places, e.g. 52.75.)

Basic earnings per share

Compute the diluted earnings per share for 2018. (Round answer to 2 decimal places, e.g. 52.75.)

Diluted earnings per share

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