Exercise 16-18 Your answer is incorrect. Try again Sarasota Inc. presented the following data. Net income $2,610,000 Preferred stock: 51,000 shares outstanding, $100 par, 7% cumulative, not convertible 5,100,000 Common stock: Shares outstanding 1/1 686,400 312,000 Issued for cash, 5/1 160,800 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.) 1.26 Earnings per share Open Show Work Click if you would like to Show Work for this