Please help, I'm not sure what I am doing wrong but I keep getting the answer wrong and I need to understand this for exam.

Effect of Financing on Earnings Per Share

Three different plans for financing an $4,100,000 corporation are under consideration by its organizers. Under each of the following plans, the securities will be issued at their par or face amount, and the income tax rate is estimated at 40% of income:

		Plan 1		Plan 2		Plan 3
10% Bonds		_		_		$2,050,000
Preferred 5% stock, $80 par		_		$2,050,000		1,025,000
Common stock, $4.1 par		$4,100,000		2,050,000		1,025,000
	Total	$ 4,100,000		$ 4,100,000		$ 4,100,000

Required:

1. Determine the earnings per share of common stock for each plan, assuming that the income before bond interest and income tax is $8,200,000. Enter answers in dollars and cents, rounding to two decimal places.

	Earnings Per Share on Common Stock
Plan 1	$
Plan 2
Plan 3

2. Determine the earnings per share of common stock for each plan, assuming that the income before bond interest and income tax is $3,895,000. Enter answers in dollars and cents, rounding to two decimal places.

	Earnings Per Share on Common Stock
Plan 1	$
Plan 2
Plan 3

3. The principal of Plan 1 is that it involves only the issuance of common stock, which does not require a periodic interest payment or return of principal, and a payment of preferred dividends required.

My work so far I am stuck at step 1:

Calculation of earning per share
	Plan 1	Plan 2	Plan 3
Income before interest and tax	$8,200,000	$8,200,000	$8,200,000
Less: Interest on Bonds ($2,050,000 x 10%)			(205,000)
Income Before Tax	$8,200,000	$8,200,000	$7,995,000 ($8,200,000-205,000)=$7,995,000
Less: Tax @ 40%	($3,280,000)	($3,280,000)	($3,198,000)
Income after tax	$4,920,000	$4,920,000	$4,797,000
Less: Preference Dividend		(102,500)	(51,250)
		($2,050,000 x 5% )= 102,500	(1,025,000 x 5%)= 51,250
Net income available for common shares (A)	$4,920,000	$4,817,500	$4,745,750
		$4,920,000 - 102,500 = $4,817,500	$4,797,000 - 51,250= 4,745,750
Number of common shares (B)	168,100	84,050	42,025
	($4,100,000 x 4.1%)= 168,100	(2,050,000 x 4.1%)	(1,025,000 x 4.1%)
	4,920,000/4,100,000= 1.2