Earnings per Share and Price-Earnings Ratio A company reports the following: Net income $318,000 $18,000 Preferred dividends Shares of common stock outstanding Market price per share of common stock 40,000 $64.5 a. Determine the company's eamings 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