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Adcock Corp. had $500,000 net loss in 2012. On January 1, 2012 there were 200,000 shares of common stock outstanding. On April 1, 20,000 shares were issued and on September 1, Adcock bought back 30,000 shares of the common stock. There are 30,000 options to buy common stock at $40 a share outstanding. The market price of the common stock averaged $50 during 2013. The tax rate is 30%.

During 2012, there were 40,000 shares of cumulative, convertible preferred stock outstanding. The preferred is $10 par, pays $3.50 a year dividend, and each share is convertible into three shares of common stock. No dividends have ever been paid on this stock, which was originally issued in 2009.

Included in the $500,000 net loss is an extraordinary gain of $1,000,000 pre-tax.

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