You are computing annual earnings per share and required disclosures for Garcia Fencing based on​ company-provided information. Net income is $4,540,000.The​ weighted-average number of shares is 2,690,000. The​ year-end balance of outstanding shares is also 2,690,000. There are options outstanding all year to acquire 1,365,000 shares of common stock at $24 per share. The average price of the​ company's common stock is $39 per share. The firm has 99,000 shares of $45 par value​ nonconvertible, noncumulative preferred stock outstanding as of the beginning of the year. The dividend rate is $1.60 per share. The board of directors declared the annual dividend. The company is subject to a 30% tax rate.   a. Based on this​ information, compute basic and diluted earnings per share for the current year. b. Prepare the earnings per share disclosure on the income statement beginning with net income.

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