1 The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands): From the Statement of Changes in Shareholders' Equity: BALANCES at December 31, 2022 Net earnings Sales of common stock under option plans Cash dividends declared on common stock $0.5375 per share Compensation under employee incentive plans Treasury shares exchanged for Acquisitions Purchase of shares for treasury BALANCES at December 31, 2023 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.5475 per share Compensation under employee incentive plans Purchase of shares for treasury BALANCES at December 31, 2024 From the Statement of Cash Flows: Cash flows from financing activities: Dividends paid 2024 2023 $ 72,244 $ 66,932 Paid-in capital-excess of par Number of Treasury shares Treasury stock amount Retained earnings $ 0 (30,561) $ (524,321) $ 1,673,382 242,941 (5,181) 377 10,738 (68,952) (1,802) 395 9,408 139,209 20,449 318,293 (6,668) 132,226 (16,008) (122,906) (308,788) (3,538) 279 (196) 366 $ 128,492 (2,933) (18,296) 7,095 1,847,371 81,965 (72,903) 8,271 (48,678) $ (342,100) $ 1,856,433 Required: What was the average cost per share of the treasury stock purchased by Composition during 2023 and 2024, respectively? Note: Round your final answers to 2 decimal places. Average cost per share 2023 2024
1 The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands): From the Statement of Changes in Shareholders' Equity: BALANCES at December 31, 2022 Net earnings Sales of common stock under option plans Cash dividends declared on common stock $0.5375 per share Compensation under employee incentive plans Treasury shares exchanged for Acquisitions Purchase of shares for treasury BALANCES at December 31, 2023 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.5475 per share Compensation under employee incentive plans Purchase of shares for treasury BALANCES at December 31, 2024 From the Statement of Cash Flows: Cash flows from financing activities: Dividends paid 2024 2023 $ 72,244 $ 66,932 Paid-in capital-excess of par Number of Treasury shares Treasury stock amount Retained earnings $ 0 (30,561) $ (524,321) $ 1,673,382 242,941 (5,181) 377 10,738 (68,952) (1,802) 395 9,408 139,209 20,449 318,293 (6,668) 132,226 (16,008) (122,906) (308,788) (3,538) 279 (196) 366 $ 128,492 (2,933) (18,296) 7,095 1,847,371 81,965 (72,903) 8,271 (48,678) $ (342,100) $ 1,856,433 Required: What was the average cost per share of the treasury stock purchased by Composition during 2023 and 2024, respectively? Note: Round your final answers to 2 decimal places. Average cost per share 2023 2024
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 19E: Lyon Company shows the following condensed income statement information for the year ended December...
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Transcribed Image Text:1
The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands):
From the Statement of Changes in Shareholders' Equity:
BALANCES at December 31, 2022
Net earnings
Sales of common stock under option plans
Cash dividends declared on common stock $0.5375 per share
Compensation under employee incentive plans
Treasury shares exchanged for Acquisitions
Purchase of shares for treasury
BALANCES at December 31, 2023
Net earnings
Sales of common stock under option plans
Cash dividends declared on common stock: $0.5475 per share
Compensation under employee incentive plans
Purchase of shares for treasury
BALANCES at December 31, 2024
From the Statement of Cash Flows:
Cash flows from financing activities:
Dividends paid
2024
2023
$ 72,244
$ 66,932
Paid-in capital-excess
of par
Number of Treasury
shares
Treasury stock
amount
Retained earnings
$ 0
(30,561)
$ (524,321)
$ 1,673,382
242,941
(5,181)
377
10,738
(68,952)
(1,802)
395
9,408
139,209
20,449
318,293
(6,668)
132,226
(16,008)
(122,906)
(308,788)
(3,538)
279
(196)
366
$ 128,492
(2,933)
(18,296)
7,095
1,847,371
81,965
(72,903)
8,271
(48,678)
$ (342,100)
$ 1,856,433
Required:
What was the average cost per share of the treasury stock purchased by Composition during 2023 and 2024, respectively?
Note: Round your final answers to 2 decimal places.
Average cost per share
2023
2024
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