A company reports the following:

Net income	$303,000
Preferred dividends	$17,000
Shares of common stock outstanding	55,000
Market price per share of common stock	$24.44

a. Determine the company's earnings per share on common stock. Round your answer to the nearest cent. Use the rounded answer of requirement a for subsequent requirement, if required. $fill in the blank 1

b. Determine the company's price-earnings ratio. Round to one decimal place. fill in the blank 2