23.

On December 31, 2005, Berclair, Inc. had

200 million shares of common stock and 3

million shares of 9%, $100 par value cumulative preferred stock issued and outstanding.

On March 1, 2006, Berclair purchased 24 million

shares of its common stock as treasury

stock. Berclair issued a

5% common stock dividend on July 1, 2006. Four million

treasury shares were sold on October 1. Net income for the year ended December 31,

2006, was $150 million.

Compute Berclairs earnings per shar

e for the year ended December 31, 2006.