Below is select information from VC United income statement. At the end of Year 1, the weighted average number of common shares outstanding was 137,500.

Below is select information from VC United income statement. At the end of Year 1, the weighted average number of common shares outstanding was 137,500.

Income Statement, End of Year 1
Sales	$	997,000
Cost of goods sold		811,000
Operating expenses		91,000
Tax expense		20,500

Required:

Calculate EPS for VC United.

Here

Explanation:

Net income: $997,000 − $811,000 − $91,000 − $20,500 = $74,500

EPS = $74,500 / 137,500 shares = $0.54