E16-15B (Weighted-Average Number of Shares) Keynote Inc. uses a calendar year for financial reporting.
The company is authorized to issue 20,000,000 shares of $1 par common stock. At no time has Keynote issued any potentially dilutive securities. Listed below is a summary of Keynote’s common stock activities.
1. Number of common shares issued and outstanding at December 31, 2012 and 2011 5,000,000
2. Shares issued for cash on March 31, 2013 1,000,000
3. A 2-for-1 stock split of Keynote’s common stock took place on August 31, 2013.
4. Shares issued as a result of a 30% stock dividend on June 30, 2014 3,600,000
(a) Compute the weighted-average number of common shares used in computing earnings per common share for 2012 on the 2013 comparative income statement.
(b) Compute the weighted-average number of common shares used in computing earnings per common share for 2013 on the 2013 comparative income statement.
(c) Compute the weighted-average number of common shares to be used in computing earnings per common share for 2013 on the 2014 comparative income statement.
(d) Compute the weighted-average number of common shares to be used in computing earnings per common share for 2014 on the 2014 comparative income statement.
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