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Allen Lumber Company had earnings after taxes of $500,000 in the year 2009 with 420,000 shares outstanding on December 31, 2009. On January 1, 2010, the firm issued 25,000 new shares. Because of the proceeds from these new shares and other operating improvements, 2010 earnings after taxes were 21 percent higher than in 2009. Earnings per share for the year 2010 were

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