Gwinnett Park Co. reported net income of $916,800 for its fiscal year ended September 30, 2011. At the beginning of that year, 150,000 shares of…

Gwinnett Park Co. reported net income of $916,800 for its fiscal year ended September 30, 2011. At the beginning of that year, 150,000 shares of common stock were outstanding. On February 1, 2011, an additional 30,000 shares were issues. On August 1, 2011, 12,000 shares were purchased as treasury stock. During the year, the company paid the annual dividend on 44,000 shares at 8%, $60 par value preferred stock that were outstanding during the entire fiscal year. Calculate the earnings per share of common stock for the year ended September 30, 2011.

ASSIGNMENT NO.: 7475982Net Income reportedLess: Preferred dividend $916,800 $­211,200 Net income available for common shareholders $705,600 Weighted average common shares outstandingEPS…

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