At December 31, 2021 and 2020, Nolan Corp. had 180,000 shares of common stock and 12,000 shares of 6%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2021 or 2020 . Net income for 2021 was $450,000. For 2021, earnings per common share amounted to a. $2.49 b. $2.10 c. $1.83 d. $1.70