Exercise 16-21 x Your answer is incorrect. Try again. At January 1, 2017, Windsor Company's outstanding shares included the following. 272,000 shares of $50 par value, 8% cumulative preferred stock 922,000 shares of $1 par value common stock Net income for 2017 was $2,574,000. No cash dividends were declared or paid during 2017. On February 15, 2018, 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 2017. On April 1, 2017, 412,000 shares of common stock were sold for $10 per share, and on October 1, 2017, 102,000 shares of common stock were purchased for $20 per share and held as treasury stock. Compute earnings per share for 2017. Assume that financial statements for 2017 were issued in March 2018. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share Earnings per share 1.2 Click if you would like to Show Work for this question: Open Show Work