Earnings per share and price$-$earnings ratio

A company reports the following:

Net income

$$681,000$

Preferred dividends

$$39,000$

Shares of common stock outstanding $,60,000$

Market price per share of common stock $"$$$88\mathrm{.}81$

a$.$ Determine the company's earnings per share on common stock. Round your answer to the nearest cent. Use the rounded answer of requirement a for subsequent requirement, if required.

b$.$ Determine the company's price$-$earnings ratio. Round to one decimal place.