A company had the following stockholders' equity information available at year-end.

Issued 11,000 shares of $2 par common stock for $12 per share. Issued 5,000 shares of $50 par, 6% preferred stock for $70 per share. Purchased 1,000 shares of previously issued common stock for $15 per share. Reported net income of $200,000. Declared and paid the preferred stock dividend.

Calculate the earnings per share for the current year. Round your answer to two decimal places.