Exercise 16-21 At January 1, 2017, Marigold Company's outstanding shares included the following 297,000 shares of $50 par value, 8% cumulative preferred stock 879,000 shares of $1 par value common stock Net income for 2017 was $2,568,000. 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 201. On April 1, 2017, 458,000 shares of common stock were sold for $10 per share, and on October 1 2017 116 00 shares of common stock were purchased fo r 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 Click if you would like to Show Work for this question: Open Show Work