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QUESTION
On January 1, 2007, Colaw issued 400,000 shares of nonconvertible preferred stock.
On January 1, 2007, Colaw issued 400,000 shares of nonconvertible preferred stock. During 2007, Colaw declared and paid $180,000 cash dividends on the common stock and $150,000 on the nonconvertible preferred stock. Net income for the year ended December 31, 2007, was $960,000. What should be Colaw"s 2007 earnings per common share, rounded to the nearest penny?
