Earnings per Share and Price$-$Earnings Ratio

A company reports the following:

Net income

$$1,170,000$

$$66,000$

Preferred dividends

$$66,000$

Shares of common stock outstanding

$80,000$

Market price per share of common stock $$161\mathrm{.}46$

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.