Fletcher Company commenced business on January 1, 2007 but has never declared or paid any dividends. The following are account balances after closing the books at December 31, 2009:


Cash $18,000
Common stock, $1 par 1,000
Paid-in capital in excess of par value 49,000
Preferred stock, $100 par, 10%, cumulative 50,000
Retained earnings 75,000


Net income during 2009 totaled $30,000 and the Board of Directors wishes to distribute a total of $15,000 in cash dividends. The common stockholders will receive what amount per share?


$15
$11
$ 3
$ 0

Divide your dividends by the number of shares issued and outstanding to get the dividend per share price.