Current Attempt in Progress

Your answer is incorrect.

At January $1,2020,$ Larkspur Company's outstanding shares included the following.

$258,000$ shares of $$50$ par value, $7\%$ cumulative preferred stock

$812,000$ shares of $$1$ par value common stock

Net income for $2020$ was $$2,521,000.$ No cash dividends were declared or paid during $2020.$ On Fellruary $15,2021,$ 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 $2020.$

On April $1,2020,408,000$ shares of common stock were sold for $$10$ per share, and on October $1,2020,106,000$ shares of common stock were purchased for $$20$ per share and held as treasury stock.

Compute earnings per share for $2020.$ Assume that financial statements for $2020$ were issued in March $2021.($Round answer to $2$ decimal places, e$.$g$.$ $$2\mathrm{.}55.)$

Earnings per share $