Franco Academy Surplus had 100,000 shares of common stock and 10,000 shares of 10%, $30 par value preferred stock outstanding through December 31, 2016. Income from continuing operations for 2016 was $1,170,000, and loss on discontinued operations (net of income tax saving) was $40,000. Franco also had an extraordinary gain (net of tax) of $340,000. Compute Franco's earnings per share for 2016, starting with income from continuing operations. (Enter all EPS amounts to the nearest cent, $X.XX. Use parentheses or a minus sign for amounts reducing the income from continuing operations.) Begin by selecting the formula to compute the earnings per share. Earnings per share = (Net income - Preferred dividends) / Weighted average number of common shares outstanding Now, compute Franco's earnings per share for 2016, starting with income from continuing operations. Earnings per Share of Common Stock (100,000 shares outstanding): Income From Continuing Operations Loss From Discontinued Operations 11.40 (0.40) Income Before Extraordinary Items 11 Extraordinary Item 11 Net Income