5 The following information is available for Jacob Corporation: January 1, 2013 May 31, 2013 August 31, 2013 Shares outstanding 2,500,000 Shares issued 360,000 Treasury shares purchased 108,000 November 1, 2013 Shares issued 60,000 Instructions a Calculate the weighted average shares outstanding for the year (if necessary, round to the nearest share. Instructions b Assume net income is $2,000,000 and preferred dividends paid were $260,000. Using the weighted average of shares outstanding calculated in part a above, calculate earnings per share for the year.