Question - Submarine, Corp., earned net income of $110,000 for 2011. Submarine's books include the following figures:
Preferred stock, 2%, $30 par, 1,000 shares issued and outstanding - $30,000
Common stock, $1 par, $52,000 issued - $52,000
Paid-in capital in excess of par-common - $450,000
Treasury stock, common, 2,000 at cost - $40,000
Requirement - Compute Submarine's EPS for the year.