Murphy Co Had 60,000 Common Shares Outstanding on January 1, 2016

Murphy Co. had 60,000 common shares outstanding on January 1, 2016. The company sold an additional 4,500 shares on March 1, issued a 3-for-1 stock split on September 1, and reacquired 3,600 shares on December 1. The company also declared, but has not paid, a dividend on its 10,000 shares of 5%, $10 par, noncumulative preferred stock. The net loss for the year was $33,190.
Required:
Compute Murphy Co.'s basic earnings per share for 2016.

Correct Answer:

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