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: 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. Calculate all earnings per share amounts for 2016. If required, round your answer to two decimals. $2.42 per share 2. If the preferred stock is cumulative, the dividend for the current period should be taken into account while calculating earning per share. If the preferred stock is not cumulative, the dividend should be taken into account only if it has been declared