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Comparative Statements of Shareholders’ for Locke Intertechnology Corporation were reported as follows for the fiscal years ending December 31, 2009, 2010, and 2011.
LOCKE INTERTECHNOLOGY CORPORATION
Statements of Shareholders’ Equity
For the Years Ended Dec. 31, 2009, 2010, and 2011
($ in millions)
Preferred Common Total
Stock, Stock, Additional Retained Shareholders’
$10 par $1 par Earnings Equity
Balance at January 1, 2009 55 495 1,878 2,428
Sale of preferred shares 10 470 480
Sale of common shares, 7/1 15 135 150
dividend, preferred (1) (1), common (16) (16)
Net income 294 294
Balance at December 31, 2009 10 70 1,100 2,155 3,335
Retirement of common shares, 4/1 (4) (36) (20) (60)
Cash dividend, preferred (1) (1)
Cash dividend, common (20) (20)
3-for-2 split effected in the form of
a common stock dividend, 8/12 33 (33)
Net income 384 384
Balance at December 31, 2010 10 99 1,031 2,498 3,638
10% common stock dividend, 5/1 10 100 (110)
Sale of common shares, 9/1 3 31 34
Cash dividend, preferred (2) (2)
Cash dividend, common (22) (22)
Net income 416 416
Balance at December 31, 2011 10 112 1,162 2,980 4,064
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Required:
Infer from the statements the events and transactions that affected Locke Intertechnology Corporation’sand compute earnings per share as it would have appeared on the income statements for the years ended December 31, 2009, 2010, and 2011. No potential common shares were outstanding during any of the periods shown. (Do not round intermediate calculations. Round your answers to 2 decimal places. Omit the “$” sign in your response.)
