LOCKE INTERTECHNOLOGY CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2011, 2012, and 2013 ($ in millions) Preferred Common Total Stock, Stock, Additional Retained Shareholders' $10 par $1 par Paid-in Capital Earnings Equity Bal. at Jan. 1, 2011 65 515 1,886 2,466 Sale of preferred shares 9 450 459 Sale of common shares, 7/1 8 78 86 Cash dividend, preferred (1) (1) Cash dividend, common (15) (15) Net income 280 280 ____________________________________________ Bal. at Dec. 31, 2011 9 73 1,043 2,150 3,275 Retirement of common shares, 4/1 (6) (33) (18) (57) Cash dividend, preferred (1) (1) Cash dividend, common (19) (19) 3-for-2 split effected in the form of a common stock dividend, 8/12 33.5 (33.5) Net income 380 380 _____________________________________________________________ Bal. at Dec. 31, 2012 9 100.5 976 2,492 3,578 10% common stock dividend, 5/1 10.05 110 (120.05) Sale of common shares, 9/1 3 35 38 Cash dividend, preferred (3) (3) Cash dividend, common (26) (26) Net income 420 420 ___________________________________________________________ Bal. at Dec. 31, 2013 9 113.55 1,121.5 2,762.95 4,007 Required: Infer from the statements the events and transactions that affected Locke Intertechnology Corporation's shareholders' equity and compute earnings per share as it would have appeared on the income statements for the years ended December 31, 2011, 2012, and 2013. No potential common shares were outstanding during any of the periods shown. (Do not round intermediate calculations and round your final answers to 2 decimal places.)
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