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Ree Problem 19-11 (Algo) EPS; nonconvertible preferred stock; treasury shares; shares sold; stock dividend [LO19-4,...

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Ree Problem 19-11 (Algo) EPS; nonconvertible preferred stock; treasury shares; shares sold; stock dividend [LO19-4, 19-5, 19-6, 19-7) On December 31, 2020, Dow Steel Corporation had 620,000 shares of common stock and 32,000 shares of 10%, noncumulative. nonconvertible preferred stock issued and outstanding. Dow issued a 5% common stock dividend on May 15 and paid cash dividends of $420,000 and $71,000 to common and preferred shareholders, respectively, on December 15, 2021. On February 28, 2021, Dow sold 64,000 common shares. In keeping with its long-term share repurchase plan, 4,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2021, was $2,200,000. The Income tax rate is 25% Required: Compute Dow's earnings per share for the year ended December 31, 2021. (Do not round Intermediate calculations. Enter your answers in thousands. Round "Earnings per share" answer to 2 decimal places.) Answer is complete but not entirely correct. Numerator Denominator Earningn per share 2.129,000 705,000 3.02

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