On January 1, 2021, Marin Corp. had 487,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account.

February 1		Issued 122,000 shares
March 1		Issued a 10% stock dividend
May 1		Acquired 99,000 shares of treasury stock
June 1		Issued a 3-for-1 stock split
October 1		Reissued 58,000 shares of treasury stock

The weighted-average number of shares outstanding 1,792,650

b. Assume that Marin Corp. earned net income of $ 3,601,000 during 2021. In addition, it had 100,000 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 2021. Compute earnings per share for 2021, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.)

Earnings Per Share

$2.00

C. Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2021. (Round answer to 2 decimal places, e.g. $2.55.)

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Need part C, please provide all the details.