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Exercise 16-18Sandhill Inc. presented the following data.Net income$2,340,000Preferred stock: 52,000 shares outstanding, $100 par, 8% cumulative, not convertible5,200,000Common stock: Shares outstanding 1/1816,000 Issued for cash, 5/1322,800 Acquired treasury stock for cash, 8/1136,800 2-for-1 stock split, 10/1Compute earnings per share. (Round answer to 2 decimal places, e.g. $2.55.)Earnings per share$Click if you would like to Show Work for this question:Open Show Wor