An Analyst Gathered the Following Information About a Company Whose $\$ 23.7$

question 38

Essay

An analyst gathered the following information about a company whose fiscal year end is December 31.
Net income for the year was $\$ 23.7$ million.
Preferred stock dividends of $\$ 3$ million were paid for the year.
Common stock dividends of $\$ 6$ million were paid for the year.
There were 10 million shares of common stock outstanding on January 1, 2014.
The company issued 6 million new shares of common stock on July 1, 2014.
The capital structure does not include any potentially dilutive securities.
Required:
Calculate the company's basic earnings per share for 2014.