S14-12 Figero Inc. has $390,000 of income in 2020. During that same time it declared preferred dividends in the amount of $12,500. The following activities affecting common shares occurred during the year: Jan. 1 120,000 common shares were outstanding Aug. 1 Sold 35,000 common shares Sep. 1 Issued a 10 percent common stock dividend 1. Calculate the weighted average number of common shares outstanding during the year. 2. Calculate earnings per share. Round to the nearest cent. 3 Calculating earnings per share EPS = $2.55