Exercise 16-18 Your answer is incorrect. Try again. Pronghorn Inc. presented the following data. Net income Preferred stock: 52,000 shares outstanding, $100 par, 8% $2,440,000 5,200,000 784,800 312,000 151,200 cumulative, not convertible Common stock: Shares outstanding 1/1 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 1.31