E12-22 Prep Academy Surplus had 50,000 shares of common stock and 9,000 shares of 4%, $5 par preferred stock outstanding through December 31, 2010. Income from continuing operations of 2010 was $120,000, and loss on discontinued operations (net if income Tax saving) was $8,000. Prep also had an extraordinary gain (net of tax) of $19,000.
Compute Prep's EPS amounts for 2010, starting with income from continuing operations.