Vild ca5"P E16-18 (L04) (EPS: Simple Capital Structure) Flagstad Inc. presented the following data. Net income $2,500,000 Preferred stock: 50,000 shares outstanding, $100 par, 8% cumulative, not convertible 5,000,000 750,000 Common stock: Shares outstanding 1/1 300,000 Issued for cash, 5/1 150,000 Acquired treasury stock for cash, 8/1 2-for-1 stock split, 10/1 Instructions Compute earnings per share