Exercise 17-6 (Part Level Submission) Pharoah Inc. presented the following data: Net income Preferred shares: 48,400 shares outstanding, $100 par, 7% cumulative, not convertible $4,840,000 Common shares: Shares outstanding, Jan. 1, 2017 Issued for cash, May 1, 2017 Acquired treasury shares for cash, Sept. 1, 2017 (shares cancelled) 2-for-1 stock split, Oct. 1, 2017 $5,580,000 648,000 109,000 151,000 As of January 1, 2017, there were no dividends in arrears. On December 31, 2017, Pharoah declared and paid the preferred dividend for 2017. Your answer is incorrect. Try again. Calculate earnings per share for the year ended December 31, 2017. (Round answer to 2 decimal places, e.g.52.75.)