Computing Earnings per Share Kingery Corporation began the calendar (and fiscal) year with a simple structure consisting of 45,000 shares of common stock outstanding. On May 1, 15,000 additional shares were issued, and another 3,000 shares were issued on September 1 . The company had a net income for the year of $235,000. Round answers to two decimal places. a. Compute the earnings per share of common stock. b. Assume that the company also had 4,000 shares of 5\%, \$30 par value cumulative preferred stock outstanding throughout the year. Compute the basic earnings per share of common stock