Exercise 16-18 Your answer is incorrect. Try again. Flagstad Inc. presented the following data. Net income Preferred stock: 50,000 shares outstanding, $100 par, 8% $2,500,000 cumulative, not convertible Common stock: Shares outstanding 1/1 5,000,000 750,000 300,000 150,000 Issued for cash, 5/1 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share 1.04