Earnings per Share Tribune Company, publisher of many newspapers and owner of the Chicago Cubs baseball team, had net income of $442,992 thousand and paid preferred dividends of $25,130 thousand in 2002. An average of 301,932 thousand common shares were outstanding during the year. 1. Compute Tribune's earnings per common share in 2002. 2. Suppose all preferred stock was convertible into 35,000 shares of common stock. Compute diluted earnings per common share.