Exercise $11-20($Algo$)$ Computing earnings per share LO A$1$

Ecker Company reports $$1,600,000$ of net income and declares $$224,000$ of cash dividends on its preferred stock for the year. At

year$-$end, the company had $360,000$ weighted$-$average shares of common stock.

What amount of net income is available to common stockholders?

What is the company's basic earnings per share $($EPS$)?$