Alford Group had 200,000 shares of common stock outstanding on January 1, 2021. On March 1, 2021, Alford purchased 50,000 shares of treasury stock. On November 1, 2021, Alford issued an additional 100,000 shares. During 2021, Alford reported net income of $665,000 and paid preferred dividends of $35,000.

What earnings per share would Alford report for 2021?

Multiple Choice

• $3.60

• $2.52

• $2.66

• $3.80