At December 31, 2016 and 2017, First Company had outstanding 50 million common shares and 4 million shares of 10%, $10 par cumulative preferred stock. Net income for 2017 was $20 million. No dividends were declared in 2016 or 2017. EPS for 2017 was:
A) $.32.
B) $.37.
C) $.40.
D) $.48.
Answer: A) $.32.
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