Rice Inc. had 420 million shares of common stock and 1 million shares of 6%, $200 par, cumulative preferred stock outstanding at the end of 2012 and 2013. No dividends were declared or paid on either class of stock in either year. Net income for 2013 was $398.4 million. The company's tax rate is 30%.
Required:
Compute basic earnings per share for the year ended December 31, 2013.

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The Answer of Rice Inc. had 420 million shares of common stock and 1 million shares of 6%, $200 par, cumulative preferred stock outstanding at the end of 2012 and 2013. No dividends were declared or paid on either class of stock in either year. Net income for 2013 was $398.4 million. The company's tax rate is 30%.
Required:
Compute basic earnings per share for the year ended December 31, 2013.

Rice Inc Had 420 Million Shares of Common Stock and 1