Gwinnett Park Co. reported net income of $506,600 for its fiscal year ended September 30, 2014. At the beginning of that year, 150,000 shares of common stock were outstanding. On February 1, 2014, an additional 30,000 shares were issues. On September 1, 2014, 12,000 shares were purchased as treasury stock. During the year, the company paid the annual dividend on 14,000 shares of its 8%, $60 par value preferred stock that were outstanding during the entire fiscal year. Calculate the basic earnings per share of common stock for the year ended September 30, 2014.

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The Answer of Gwinnett Park Co. reported net income of $506,600 for its fiscal year ended September 30, 2014. At the beginning of that year, 150,000 shares of common stock were outstanding. On February 1, 2014, an additional 30,000 shares were issues. On September 1, 2014, 12,000 shares were purchased as treasury stock. During the year, the company paid the annual dividend on 14,000 shares of its 8%, $60 par value preferred stock that were outstanding during the entire fiscal year. Calculate the basic earnings per share of common stock for the year ended September 30, 2014.