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The following information was extracted from Slurm Corporation's 2009 annual report:

Common stock
Shares outstanding 12/31/08 90 Million
New shares issued 4/1/09 10 Million
Shares outstanding 12/31/09 100 Million
Preferred stock
$10 par, 10%, convertible into 2 shares of common stock, shares
Outstanding 50 Million
Options
1 Million options, each to purchase one common share at $50 per
Share

Market price of stock
Average for year $ 75
Beginning of year $ 70
End of year $ 78

Preferred dividends paid
$ 50,000,000
Net Income for 2009 $350,000,000

what is Basic earnings per share for 2009 ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M974647

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