Why am I multiplying by 65% instead of 35%?

At December 31, 2016, Sheffield Corporation had the following stock outstanding. INC - Pret Div 10% cumulative preferred stock, $100 par, 109,362 shares $10,936,200 Common stock, $5 par, 4,092,240 shares 20,461,200 out. cs During 2017, Sheffield did not issue any additional common stock. The following also occurred during 2017 Income from continuing operations before taxes $22,753,600 6.65 14789840 Discontinued operations (loss before taxes) $3,254,900 Preferred dividends declared $1,093,620 Common dividends declared $2,300,800 Effective tax rate 35 % Compute earnings per share data as it should appear in the 2017 income statement of Sheffield Corporation 14789840-1093620 INL cantors Disc ops Net inc