Pharoah Inc. presented the following data.
Net income..........................................................................................$2,540,000
Preferred stock: 53,000 shares outstanding, $100 par, 8% cumulative, not convertible...5,300,000
Common stock: Shares outstanding 1/1............................................................686,400
Issued for cash, 5/1.................................................................................308,400
Acquired treasury stock for cash, 8/1............................................................160,800
2-for-1 stock split, 10/1......................................................................................
Compute earnings per share.