On January $1,2026,$ Sunland Corp. had $478,000$ shares of common stock outstanding. During $2026,$ it had the following transactions that affected the common stock account.

$\backslash$table$[[$February $1,$Issued $120,000$ shares$],[$March $1,$Issued a $10\%$ stock dividend$],[$May $1,$Acquired $102,000$ shares of treasur$],[$June $1,$Issued a $3-$for$-1$ stock split$],[$October $1,$Reissued $59,000$ shares of treasury$]]$

$($a$)$

$($b$)$

Your answer is incorrect.

Assume that Sunland Corp. earned net income of $$3,582,000$ during $2026.$ In addition, it had $102,000$ shares of $9\%,$$$100$ par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in $2026.$ Compute earnings per share for $2026,$ using the weighted$-$average number of shares determined in part $($a$).($Round answer to $2$ decimal places, e$.$g$.2\mathrm{.}55.)$

rnings per share

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