Submarine, Corp

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
1. Compute Submarine's EPS for the year.