On January 1, 2012, Vanderbilt Corporation Had 500,000 Shares of $1

Essay

On January 1, 2012, Vanderbilt Corporation had 500,000 shares of $1 par value common stock outstanding and 25,000 shares of 5%, $100 par value preferred stock outstanding. There were no stock transactions during the year. Net income for the year was 429,000. Compute the earnings per share (to the third decimal place).