Snow Company reported that it earned a $650,000 net income in 2020. The company has 15,000 shares of $3 cumulative preferred shares outstanding. Information on the company's common shares is as follows: Shares outstanding on January 1 19.000 Issued shares on February 1 7,000 Purchased and retired shares on June 1 4.500 3 for 1 Stock split September 1 Shares outstanding on December 31 Required: a) Calculate earnings per share for 2020 assuming that all preferred dividends were declared and paid during the year. Make sure to show your work. (12 marks) b) What would earnings per share be if no preferred dividends were declared or paid during 2020? (2 marks)