A portion of the combined statement of income and retained earnings of Simba Inc. for the current year ended December 31 follows:

During the year, Simba Inc. suffered a loss from discontinued operations of $1,740,000 after the applicable income tax reduction of $1.2 million.
At the end of the current year, Simba Inc. has outstanding 12.5 million common shares and 90,000 shares of 6% preferred.
On April 1 of the current year, Simba Inc. issued 1 million common shares for $32 per share to help finance the loss.
Instructions
Calculate the earnings per share on common shares for the current year as it should be reported to shareholders.

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fb tx ( Income before discontinued operations Loss from discontinued operations, net of applicable income tax (Note 1) Net income Retained earnings at beginning of year 30,000,000 1,740,000 28,260,000 93,250,000 121,510,000 Dividends deciared On preferred shares, $6.00 per share On common shares, $1.75 per share $ 540,000 14,875,000 15,415,000 $106,095,000 Retained earnings at end of year