No. of shares outstanding = Total assets x weight of equity / price per share = $12,020,000 x50% / $8 = 751250 Net Income = Total assets x Return on assets = $12,020,000 x 15.10% = 1,815,020 Earnings per share = Net Income/ No. of shares outstanding = 1,815,020 / 751250 = 2.416 Solution No. of shares outstanding = Total assets x weight of equity / price per share = $12,020,000 x50% / $8 = 751250 Net Income = Total assets x Return on assets = $12,020,000 x 15.10% = 1,815,020 Earnings per share = Net Income/ No. of shares outstanding = 1,815,020 / 751250 = 2.416.