Assume that Cheyenne Corp. earned net income of $3,395,000 during 2021. In addition, it had 105,000 shares of 10%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a) (177900 was the number determined in part a)

On January 1, 2021, Cheyenne Corp. had 482,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account.

February 1		Issued 126,000 shares
March 1		Issued a 10% stock dividend
May 1		Acquired 104,000 shares of treasury stock
June 1		Issued a 3-for-1 stock split
October 1		Reissued 61,000 shares of treasury stock