Earnings per Share and Price-Earnings Ratio A company reports the following: Net income $421,500 Preferred dividends $24,000 Shares of common stock outstanding 75,000 Market price per share of common stock $48.76 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