Rhett Co., which produces and sells biking equipment, is financed as follows:

Bonds payable, 7.5% (issued at face amount) ....$30,000,000

Preferred $3 stock, $20 par ........... 30,000,000

Common stock, $20 par........... 30,000,000

Income tax is estimated at 40% of income.

Determine the earnings per share of common stock, assuming that the income before bond interest and income tax is

(a) $15,000,000,

(b) $17,500,000,

(c) $20,000,000.