Siren Industries had the following information for the year ended December 31:

Common stock, $1 par	$50,000
Preferred stock, $10 par, 6%	$100,000
Tax impact of discontinued operations	($25,000)
Discontinued operations (before tax)	$80,000
Tax impact of income from continuing operations	($125,000)
Income from continuing operations (before tax)	$350,000

During the year, Siren paid all required dividends for the preferred stock and also paid dividends of $0.50 per share on the common stock. Siren has no treasury stock.

a. Prepare the lower portion of Sathers Income Statement for the year ended December 31, beginning with income from continuing operations.

b. Using the total net income figure from part (a), calculate Sirens earnings per share for the year.

c. Why are discontinued operations not included as part of income from continuing operations?

(please show work)