The following data came from the financial statements of St. James Corp. for 2011 and 2010.

Required:
Calculate St. James€™ earnings per share as it would be reported on the 2011 income statement.

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2011 2010 Net income Cash dividends paid on preferred stack Cash dividends paid on common stock Weighted average number of preferred shares outstanding Weighted average number of common shares outstanding $150,000 $120,000 $15,000 $15,000 $42000 $38,000 20,000 95,000 20,000 105,000