Microsof Net income Preferred stock: 46,000 shares outstanding, $100 par, 8% cumulative, not convertible Common stock: Shares outstanding 1/1 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 $2,466,560 4,600,000 738,000 297,600 148,800

Net income $2,466,560 Preferred stock: 46,000 shares outstanding, $100 par, 8% cumulative, not convertible 4,600,000 Common stock: Shares outstanding 1/1 738,000 Issued for cash, 5/1 297,600 Acquired treasury stock for cash, 8/1 148,800 2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, eg. 2.55.) Earnings per share