Problem 11-8 Calculating Earnings per Share and Price-Earnings Ratio [LO3] As a shareholder of an oil company, you receive its annual report. In the financial statements, the firm reported assets of $11 million, liabilities of $6 million, after-tax earnings of $3 million, and 841,000 outstanding shares of common stock. a. Calculate the earnings per share of this oil company's common stock. (Round your answer to 2 decimal places. Omit the "\$" sign in your response.) Earnings per share $ b. Assuming a share of this oil company's common stock has a market value of $40, what is the firm's price-earnings ratio? (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole number.) Price-earnings ratio