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At January 1, 2017, Pronghorn Company’s outstanding shares included the following. 262,000 shares of $50 par...

At January 1, 2017, Pronghorn Company’s outstanding shares included the following. 262,000 shares of $50 par value, 7% cumulative preferred stock 826,000 shares of $1 par value common stock Net income for 2017 was $2,542,000. No cash dividends were declared or paid during 2017. On February 15, 2018, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2017. On April 1, 2017, 456,000 shares of common stock were sold for $10 per share, and on October 1, 2017, 118,000 shares of common stock were purchased for $20 per share and held as treasury stock. Compute earnings per share for 2017. Assume that financial statements for 2017 were issued in March 2018. (Round answer to 2 decimal places, e.g. $2.55.) What is Earnings per share?

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