In 2020, Cullumber Company reported net income of $585000. It declared and paid preferred stock dividends of $111000 and common stock dividends of $54000. During 2020, Cullumber had a weighted average of 300000 common shares outstanding. Compute Cullumber's 2020 earnings per share.

$1.58

Explanation:

Earnings per share is the amount of a company's earnings that is available to the common shareholders.

Formula is;

Earnings per share = (Net Income - Preferred dividends) / Weighted average common share outstanding

= (585,000 - 111,000) / 300,000

= $1.58

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