Fresco Ambulatory, Inc., has the following stockholders' equity:
Preferred stock, 1%, $4 par,
34,000 shares authorized and issued.................................................$ 136,000
Common stock, $4 par, 100,000 shares authorized, 65,000 shares issued.........260,000
Additional paid-in capital-Common ................................................2,190,000
Retained earnings.......................................................................1,700,000
Less treasury stock, common (1,200 shares at cost).................................(46,000)
Total stockholders' equity............................................................$4,240,000
The company has passed its preferred dividends for three years, including the current year. Compute the book value per share of the company's common stock.