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On December 31, 2008, Warren Industries had 300 million shares of common stock and 2 million shares of 8%, noncumulative, nonconvertible preferred...
On December 31, 2008, Warren Industries had 300 million shares of common stock and 2 million shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Warren issued a 4% common stock dividend on April 30 and paid cash dividends of $200 million and $39 million to common and preferred shareholders, respectively, on December 15, 2009. On March 1, 2009, Warren sold 30 million common shares. In keeping with its long-term share repurchase plan, 2 million shares were retired on June 30. Warren’s net income for the year ended December 31, 2009, was $1,050,000,000. The income tax rate is 40%.Required:Compute Warren 's earnings per share for the year ended December 31, 2009.
