Question: Assume the same information as in BE17 2 except that the

Assume the same information as in BE17-2 except that the preferred shares are cumulative and the dividends have not yet been declared or paid.
In BE Hedley Corporation had 2011 net income of $1.4 million. During 2011, Hedley paid a dividend of $5 per share on 100,000 preferred shares. Hedley also had 220,000 common shares outstanding during the year. Calculate Hedley's 2011 earnings per share.

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