(EPS: Simple Capital Structure) Kendall Inc. presented the following data.

Net income                                                                    $2,200,000

Preferred stock: 50,000 shares outstanding,

$100 par, 8% cumulative, not convertible                   5,000,000

Common stock: Shares outstanding 1/1                        600,000

Issued for cash, 5/1                                                            300,000

Acquired treasury stock for cash, 8/1                             150,000

2-for-1 stock split, 10/1

Compute earnings per share.