Response to the following problem:
San Marcos, Inc., had 50,000 shares of common stock and 10,000 shares of 5%, $10 par preferred stock outstanding through December 31, 20X5. Income from continuing operations of 20X5 was $110,000, and loss on discontinued operations (net of income tax saving) was $8,000. The company had an extraordinary gain (net of tax) of $50,000.
Required:
Compute San Marcos's EPS amounts for 20X5, starting with income from continuing operations.