Ponce Towers, Inc., had $50,000$ shares of common stock and $10,000$ shares of $$100$ par value, $8\%$ preferred stock outstanding on January $1,2011.$ Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: April $125,000$ shares August $115,000$ shares November $120,000$ shares For $2011,$ Ponce Towers, Inc., had income from continuing operations of $$545,000$ and a $$72,000$ loss from discontinued operations $($net of tax$).$

Check figure: Basic earnings per share from continuing

operations should be $$5\mathrm{.}94.$

Formulas are appreciated, thank you.