Exercise 16-18 Waterway Inc. presented the following data. Net income Preferred stock: 55,000 shares outstanding, $100 par, 896 $2,670,000 cumulative, not convertible Common stock: Shares outstanding 1/1 5,500,000 822,000 302,400 162,000 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 s