Petrov Gold, Inc., has the following stockholders’ equity:

Preferred stock, 7%, $8 par,
33,000 shares authorized and issued................................................... $ 264,000

Common stock, $1 par, 100,000 shares authorized,
62,000 shares issued .................................................................................. 62,000
Additional paid-in capital—Common .................................................. 2,190,000
Retained earnings................................................................................... 1,900,000
Less treasury stock, common (1,200 shares at cost) ............................. (41,000)
Total stockholders’ equity .................................................................... $4,375,000

The company has not paid any preferred dividends for three years, including the current year. Calculate the book value per share of the company’s common stock. Book value per share of common stock is calculated as [(Total stockholders’ equity – Preferred equity) / Number of common shares outstanding].