On January 1, 2017, Sheridan Limited had shares outstanding as follows:
6% cumulative preferred
shares, $100 par value, 10,900 shares issued and outstanding $1,090,000Common shares, 205,000 shares issued and outstanding 2,050,000
To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 313,000 common shares. The acquisitions were as follows:
Date of Acquisition Shares Issued
Company A: April 1, 2017 165,000
Company B: July 1, 2017 75,000
Company C: October 1, 2017 73,000
On May 14, 2017, Sheridan realized a $100,000 gain (before tax) on a discontinued operation from a business segment that had originally been purchased in 1997.
On December 31, 2017, the company recorded income of $689,000 before tax, not including the discontinued operation gain. Sheridan has a 50% tax rate.
Calculate the earnings per share for 2017 as it should be reported to shareholders