Assume the same information for Hedley Corporation as in BE17-2 except that the preferred shares are cumulative and the dividends have not yet been declared or paid.

Data From BE 17-2:

Hedley Corporation had 2017 net income of $1.4 million. During 2017, 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 2017 earnings per share.