Exercise 16-18 Culver Inc. presented the following data. Net income Preferred stock: 45,000 shares outstanding, $100 par, 896 $2,380,000 cumulative, not convertible Common stock: Shares outstanding 1/1 4,500,000 811,200 313,200 151,200 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $