Alternative 3 for raising capital Common Stock Preferred Stock Sale of 10%
at $25 per share at $12 per share Capital Notes
Operating Revenues 110,000,000 110,000,000 110,000,000
Operating Expenses 102,000,000 102,000,000 102,000,000
Net Revenues 8,000,000 8,000,000 8,000,000
Interest on Capital Notes 800,000
Before-Tax Income 8,000,000 8,000,000 7,200,000
Estimated Income Taxes 2,720,000 2,720,000 2,448,000
After-Tax Income 5,280,000 5,280,000 4,752,000
Preferred Stock Dividends 720,000
Net Income for Common Stockholders 5,280,000 4,560,000 4,752,000
Shares of Common Stock Outstanding 5,720,000 5,400,000 5,400,000
Earnings Per Share of Common Stock $0.92 $0.84 $0.88