Ringmeup, Inc., had net income of $137,200 for the year endedDecember 31, 2016. At the beginning of the year, 39,000 shares ofcommon stock were outstanding. On May 1, an additional 16,000shares were issued. On December 1, the company purchased 4,700shares of its own common stock and held them as treasury stockuntil the end of the year. No other changes in common sharesoutstanding occurred during the year. During the year, Ringmeup,Inc., paid the annual dividend on the 9,000 shares of 3.65%, $100par value preferred stock that were outstanding the entireyear.
Required:
Calculate basic earnings per share of common stock for the yearended December 31, 2016
