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

Bonds payable, 8% (issued at face amount) .....$8,000,000

Preferred $3 stock (nonparticipating), $50 par ..... 8,000,000

Common stock, $40 par ............. 8,000,000

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) $1,600,000

(b) $2,400,000

(c) $4,000,000.