The formula for determining earnings per share on common stock is Net Income Preferred Dividends/Shares of Common Stock Outstanding. Assume that the Net Income for Shine, Inc. for the Year Ended December 31, 2011, is $245,000 and that the preferred dividend is $1,600. Using the information given in the partial Balance Sheet below, what is the earning per share for Shine, Inc. for the Year Ended December 31, 2011? STOCKHOLDERS' EQUITY Preferred stock, 5% $100 par Common stock S10 par Retained earnings Total stockholders' equity S 32,000 270,000 351,000 S 653,000 O $.91 O $3.15 $9.01 O $10.01