Current Attempt in Progress

A portion of the combined statement of income and retained earnings of Phar oah inc. for the current year follows.

Note $1.$ During the year, Pharoah Inc, suffered a major loss from discontinued operations of $$1,338,400$ after applicable income tax reduction of $$1,220,000.$

At the end of the current year, Pharoah Inc. has outstanding $8,610,000$ shares of $$10$ par common stock and $53,000$ shares of $6\%$ preferred. On April $1$ of the current year, Pharoah Inc. issued $980,000$ shares of common stock for $$34$ per share to help finance the loss from discontinued operations.

Compute the earnings per share on common stock for the current year as it should be reported to stockholders. $($Round answer to $2$ decimal places, e$.$g$.2\mathrm{.}55.)$