On December 31, 2023, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding.
∙ Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $400,000 and $75,000 to common and preferred shareholders, respectively, on December 15, 2024.
∙ On February 28, 2024, Dow sold 60,000 common shares.
∙ In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1.
∙ Dow’s net income for the year ended December 31, 2024, was $2,100,000. The income tax rate is 25%.

Required:
Compute Dow’s earnings per share for the year ended December 31, 2024.