Problem 19-11 (Algo) EPS; nonconvertible preferred stock; treasury shares; shares sold; stock dividend (LO19-4, 19-5, 19-6, 19-7] On December 31, 2020, Dow Steel Corporation had 700,000 shares of common stock and 40,000 shares of 10%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow Issued a 5% common stock dividend on May 15 and paid cash dividends of $500,000 and $79,000 to common and preferred shareholders, respectively, on December 15, 2021. On February 28, 2021, Dow sold 64,000 common shares. In keeping with its long-term share repurchase plan, 6,000 shares were retired on July 1. Dow's net Income for the year ended December 31, 2021, was $2,600,000. The Income tax rate is 25% Required: Compute Dow's earnings per share for the year ended December 31, 2021. (Do not round Intermediate calculations. Enter your answers in thousands. Round "Earnings per share" answer to 2 decimal places.) * Answer is complete but not entirely correct. Numerator 2.521 Denominator 750,333 = = Earnings per share 3.36