Question: On December 3 1 , 2 0 2 3 , Dow Steel Corporation had 6 5 0 , 0 0 0 shares of common stock

On December 31,2023, Dow Steel Corporation had 650,000 shares of common stock and 35,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding.
Dow issued a 5% common stock dividend on May 15 and paid cash dividends of $450,000 and $74,000 to common and preferred shareholders, respectively, on December 15,2024.
On February 28,2024, Dow sold 64,000 common shares.
In keeping with its long-term share repurchase plan, 7,000 shares were retired on July 1.
Dow's net income for the year ended December 31,2024, was $2,350,000. The income tax rate is 25%.
Required:
Compute Dow's earnings per share for the year ended December 31,2024.

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