Fitz Products Inc. reported $1,075,049 profit in 2023 and declared preferred dividends of $75,100. The following changes in common shares outstanding occurred during the year.
Jan. 1 78,000 common shares were outstanding.
Mar. 1 Declared and issued a 30% common share dividend.
Aug. 1 Sold 30,000 common shares.
Nov. 1 Sold 30,000 common shares.
Calculate the weighted-average number of common shares outstanding during the year and earnings per share. Round calculations to two decimal places.

Analysis Component:
What is the effect of a share dividend on earnings per share?