At December 31, 2011 and 2010, Lapham Corp

question 25

Multiple Choice

At December 31, 2011 and 2010, Lapham Corp. had 200,000 shares of common stock and 20,000 shares of 5 percent, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2010 or 2011. Net income for 2011 was $1,000,000. For 2011, basic earnings per common share amounted to

• A) $5.00.
• B) $4.75.
• C) $4.50.
• D) $4.00.

---

Definitions:

Independent Expenditures

Political spending by individuals or organizations on campaign messages that are not coordinated with any candidate's campaign.

PAC Money

Funds collected by Political Action Committees (PACs) that are used to finance election campaigns and influence political legislation.

Business PACs

Political Action Committees that represent business interests, typically raising funds to support candidates or legislation favorable to those interests.

Permanent Campaign

A political environment where the continuous pursuit of electoral victory shapes the conduct of government officials, often blurring the lines between governing and campaigning.