Question - At December 31, 2012 and 2013, Funk & Noble Corporation had outstanding 1,000 million shares of common stock and 13 million shares of 4%, $100 par value cumulative preferred stock. No dividends were declared on either the preferred or common stock in 2012 or 2013. Net income for 2013 was $1,652 million. The income tax rate is 40%.
Calculate earnings per share for the year ended December 31, 2013.