Exercise 16-21 At January 1, 2017, Concord Companys outstanding shares included the following. 252,000 shares of $50 par value, 7% cumulative preferred stock 823,000 shares of $1 par value common stock Net income for 2017 was $2,579,000. No cash dividends were declared or paid during 2017. On February 15, 2018, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2017. On April 1, 2017, 457,000 shares of common stock were sold for $10 per share, and on October 1, 2017, 109,000 shares of common stock were purchased for $21 per share and held as treasury stock. Compute earnings per share for 2017. Assume that financial statements for 2017 were issued in March 2018. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share