Computing Earnings per Share

Lee Corp. had 320,000 weighted average common shares outstanding in 2020 and 8,000 weighted average preferred shares outstanding in 2020. Lee Corp. reported net income of $720,000 in 2020, and declared and paid $80,000 and $16,000 of common stock and preferred stock dividends, respectively. Compute earnings per share for Lee Corp. for 2020.

Round the per share amount to two decimal places. Earnings per share $Answer