Altar Loan Company's balance sheet at December 31, 2016. reports the following:
Preferred stock, $100 par value, 6%, 9,000 shares issued...........$900,000
Common stock, $0.75 par, 900,000 shares issued.....................675,000
Treasury stock, common, 70,000 shares at cost........................630,000
During 2016, Altar Loan earned net income of $6,200,000. Compute Altar Loan's earnings per common share (EPS) for 2016; round EPS to two decimal places. Assume the number of shares issued and outstanding did not change during the year.