Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 29 Nov 2017 My Price 6.00

Anderson Steel Company

EPS; new shares; contingent agreements

Anderson Steel Company began 2016 with 600,000 shares of common stock outstanding. On March 31, 2016, 100,000 new shares were sold at a price of $45 per share. The market price has risen steadily since that time to a high of $50 per share at December 31. No other changes in shares occurred during 2016, and no securities are outstanding that can become common stock. However, there are two agreements with officers of the company for future issuance of common stock. Both agreements relate to compensation arrangements reached in 2015. The first agreement grants to the company president a right to 10,000 shares of stock each year the closing market price is at least $48. The agreement begins in 2017 and expires in 2020. The second agreement grants to the controller a right to 15,000 shares of stock if she is still with the firm at the end of 2024. Net income for 2016 was $2,000,000.

Required:

Compute Anderson Steel Company’s basic and diluted EPS for the year ended December 31, 2016.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Nov 2017 09:11 PM My Price 6.00

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