At December 31, 2010 and 2011, Funk & Noble Corporation had outstanding 820 million shares of common stock and 2 million shares of 8%, $100 par value cumulative preferred stock. No dividends were declared on either the preferred or common stock in 2010 or 2011. Net income for 2011 was $426 million. The income tax rate is 40%. Calculate earnings per share for the year ended December 31, 2011.
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