Miller Co., which produces and sells skiing equipment, is financed as follows:

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

Preferred 1% stock, $10 par…………………………………  10,000,000

Common stock, $25 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) $3,000,000,

(b) $4,000,000, and

(c) $5,000,000.