Net Income was $170,000 for the year. Throughout the year the company had outstanding 10,000 shares of $2.00, $100 par value preferred stock and 100,000 shares of common stock. Required: Calculate basic earnings per share of common stock for the year. (Round "Earnings per share-basic" to 2 decimal places.) Net Income Net Income available for common stockholders Number of common share outstanding Earnings per share-basic