Frantic Fast Foods had earnings after taxes of $1,140,000 in the year 2012 with 316,000 shares outstanding. On January 1,...

Frantic Fast Foods had earnings after taxes of $1,140,000 in the year 2012 with 316,000 shares outstanding. On January 1, 2013, the firm issued 31,000 new shares. Because of the proceeds from these new shares and other operating improvements, earnings after taxes increased by 26 percent.