Start Stamping began the current year with 450,000 common shares outstanding. The firm has $ 1,150,000 par

Question:

Start Stamping began the current year with 450,000 common shares outstanding. The firm has $ 1,150,000 par value, 3% nonconvertible, noncumulative preferred stock outstanding. The preferred shares were outstanding for a full year and the firm declared preferred dividends for the current year. The company’s net income is $ 3,500,000. Based on this information, compute basic earnings per share for the current year.