E4-10B (Earnings Per Share) The stockholders’ equity section of Udokah Corporation appears below as of December 31, 2014.

E4-10B (Earnings Per Share) The stockholders’ equity section of Udokah Corporation appears below as of December 31, 2014.

8% cumulative preferred stock, $10 par value, authorized

100,000 shares, outstanding 90,000 shares                                                                               $ 900,000

Common stock, $0.20 par, authorized and issued 10 million shares                                    2,000,000

Additional paid-in capital                                                                                                                  4,100,000

Retained earnings                                                                                        $26,800,000

Net income                                                                                                         6,600,000            33,400,000

                                                                                                                                                           $40,400,000

Net income for 2014 reflects a total effective tax rate of 34%. Included in the net income figure is a loss of  3,600,000 (before tax) as a result of a major casualty.

Instructions

Compute earnings per share data as it should appear on the income statement of Udokah Corporation.