A company reports the following at its December 31 fiscal year-end: Net income .................................................$1,830,000 Preferred dividends .......................................$

Question:

A company reports the following at its December 31 fiscal year-end:
Net income .................................................$1,830,000
Preferred dividends .......................................$ 50,000
Number of common shares outstanding ................ 19,680
a. Determine the weighted average number of shares, given that 9,000 shares were repurchased on March 1.
b. Determine the company's earnings per share, rounding to two decimal places.