X Company had Net Income of $2,500,000, Gross Income of $2,800,000, and paid $320,000 in preferred dividends. Common shares outstanding were 500,000 at the beginning of the year and 520,000 at the end of the year. Earnings per share for X was 1. $4.86 2. $4.27 3. $5.10 4.$3.85 1 O 2 O 3