Bellevue Ltd. reported profit of $860,000 for its year ended December 31, 2020. Calculate earnings per share given the following additional information at December 31, 2020:

Preferred shares, $2 cumulative, 50,000 shares authorized;
26,000 shares issued and outstanding ............................................... $286,000
Common shares, 300,000 shares authorized,
160,000 shares issued and outstanding* ............................................. 544,000
Retained earnings** ................................................................................ 180,000