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

Bonds payable, 8% (issued at face amount) ..................$10,000,000

Preferred $5 stock, $10 par .......................................10,000,000

Common stock, $20 par ...........................................10,000,000

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) $10,500,000,

(b) $11,800,000,

(c) $13,000,000.