use attachment to answer the following Basic earnings per share for 2006 was: a) $3.08b) $3.50c) $3.16d) $3.00 The following information was extracted from Smurm Corporation's 2006 annualreport:Common stockShares outstanding 12/31/05New shares issued 4/1/06Shares outstanding 12/31/06Preferred stock$10 par, 10%, convertible into 2 shares of common stock, sharesoutstandingOptions1 million options, each to purchase one common share at $50 pershareMarket price of stockAverage for yearBeginning of yearEnd of yearPreferred dividends paidNet income for 200690 million10 million100 million50 million$75$70$78$ 50,000,000$350,000,000

The term basic earnings per share refers to amount which is determined through dividing the net…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Basic earnings per share for 2006 was: a) $3.08 b) $3.50 c) $3.16 d) $3.00