At January 1, 2012, Cameron Company’s outstanding shares included the following.

280,000 shares of $50 par value, 7% cumulative preferred stock
800,000 shares of $1 par value common stock

Net income for 2012 was $2,830,000. No cash dividends were declared or paid during 2012. On February 15, 2013, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2012.

   On April 1, 2012, 450,000 shares of common stock were sold for $10 per share, and on October 1, 2012, 110,000 shares of common stock were purchased for $20 per share and held as treasury stock.

Instructions
Compute earnings per share for 2012. Assume that financial statements for 2012 were issued in March 2013.