Question - Earnings per Share - At December 31, 2016, Shiga Naoya Corporation had the following stock outstanding.

10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000

Common stock, $5 par, 4,000,000 shares 20,000,000

During 2017, Shiga Naoya did not issue any additional common stock. The following also occurred during 2017.

Income from continuing operations before taxes $23,650,000

Discontinued operations (loss before taxes) $3,225,000

Preferred dividends declared $1,075,000

Common dividends declared $2,200,000

Effective tax rate 35%

Instructions - Compute earnings per share data as it should appear in the 2017 income statement of Shiga Naoya Corporation.