Flagstad Inc. presented the following data. Compute earnings per share

Exercise 16-18 Flagstad Inc. presented the following data. Net income Preferred stock: 51,900 shares outstanding, $100 par, cumulative, not convertible Common stock: Shares outstanding 1/1 685,200 Issued for cash, 5/ 390,000 Acquired treasury stock for cash, 8/1 249,600 2-for-l stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, Earnings per share e.g. $2.55.)