At december 31, 2019, oriole corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 109,261 shares $10,926,100 common stock, $5 par, 4,099,840 shares 20,499,200 during 2020, oriole did not issue any additional common stock. the following also occurred during 2020. income from continuing operations before taxes $24,649,800 discontinued operations (loss before taxes) $3,399,100 preferred dividends declared $1,092,610 common dividends declared $2,322,900 effective tax rate 35 % compute earnings per share data as it should appear in the 2020 income statement of oriole corporation.

The company should report the 03 EPS figures on its 2020 income statement:

EPS continuing operations = $3.64

EPS discontinued operations = $(0.54)

EPS net income = EPS continuing operations + EPS discontinued operations = $3.10

Explanation:

* Calculation in EPS continuing operations:

EPS continuing operations = (Net income from continuing operation - preferred dividend)/No. of common shares outstanding

in which: Net income from continuing operation = Income from continuing operations before taxes * (1- tax rate) = 24,649,800 * (1-35%) = $16,022,370

preferred dividend = $1,092,610

No. of common shares outstanding = 4,099,840

EPS continuing operations = ($16,022,370 - $1,092,610) / 4,099,840= $3.64

* Calculation in EPS discontinued operations:

EPS discontinued operations = Net income from discontinuing operation /No. of common shares outstanding

in which: Net income from continuing operation = Income from discontinuing operations before taxes * (1- tax rate) = (3,399,100) * (1-35%) = $(2,209,415)

No. of common shares outstanding = 4,099,840

EPS discontinued operations = (2,209,415)/ 4,099,840 = $(0.54)

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