Earnings per Share and Price-Earnings Ratio A company reports the following: Net income $670,000 Preferred dividends $38,000 40,000 Shares of common stock outstanding Market price per share of common stock $67.94 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