Problem 2-16 (Static) Earnings per share and retained earnings [LO2-1, 2-3] Elite Trailer has an operating profit of $250,000. Interest expense for the year was $32,000; preferred dividends paid were $32,700; and common dividends paid were $38,300. The tax was $63,500. The firm has 24,100 shares of common stock outstanding.

Calculate the earnings per share and the common dividends per share for Elite Trailer. Note: Round your answers to 2 decimal places.

b. What was the increase in retained earnings for the year