Assume the same information for Hedley Corporation as in BE17.3 except that the preferred shares are cumulative and the dividends have not yet been declared or paid. Calculate Hedley's 2020 earnings per share. Round to the nearest cent. 

Data From BE17.3.

Hedley Corporation had 2020 net income of $1.4 million. During 2020, Hedley paid a dividend of $5 per share on 100,000 preferred shares. Hedley also had 220,000 common shares outstanding during the year. Calculate Hedley's 2020 earnings per share. Round to the nearest cent.