Altar, Corp., earned net income of $118,000 for 2012. Altars books include the following figures: Preferred stock,

Question:

Altar, Corp., earned net income of $118,000 for 2012. Altar’s books include the following figures:
Preferred stock, 3%, $50 par, 1,000 shares issued
and outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000
Common stock, $2 par, 53,000 issued . . . . . . . . . . . 106,000
Paid-in capital in excess of par—common . . . . . . . . 460,000
Treasury stock, common, 1,200 at cost . . . . . . . . . . . . 24,000
Requirement
1. Compute Altar’s EPS for the year.