Earnings per Share and Price-Earnings Ratio

A company reports the following:

Net income	$1,675,000
Preferred dividends	$95,000
Shares of common stock outstanding	100,000
Market price per share of common stock	$86.90

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. $fill in the blank 1

b. Determine the company's price-earnings ratio. Round to one decimal place. fill in the blank 2