Earnings per Share Disclosure

Extreme Company reported the following information about its stock on its December 31, 2016, balance sheet:

Preferred stock, $2 par value, 5% cumulative, 300,000 shares authorized, 120,000 shares issued and outstanding $240,000

Common stock, $1 par value, 500,000 shares authorized, 240,000 shares issued and outstanding 240,000

The following amounts were taken from Extreme's income statement:

Income from continuing operations before income taxes $680,000

Income tax expense (204,000)

Income from continuing operations $476,000

Loss from discontinued operations, net of $13,000 tax benefit (36,000)

Net income $440,000

The only stock issued during 2016 was 80,000 shares of common stock issued on June 30, 2016. No dividends were declared during 2016.

1. Required:
2. Calculate all earnings per share amounts for 2016. If required, round your answer to two decimals.

$ per share

If the preferred stock is cumulative, the dividend for the current period ___________ taken into account while calculating earning per share. If the preferred stock is not cumulative, the dividend _____________ taken into account only if it has been declared.