A portion of the combined statement of income and retained earnings of Seminole Inc. for current year follows:

Income before extraordinary item: $15,000,000

Extraordinary loss, net of applicable income tax (note 1): 1,340,000

Net Income: 13,660,000

Retained Earnings at the beginning of the year: 83,250,000

Dividends Declared:

Preferred Stock: $6.00 per share 300,000

Common Stock: $1.75 share 14,875,000 15,175,000

Retained Earnings at the end of the year: 81,735,000

Note 1: During the year, Seminole Inc. suffered a major casualty loss of $1,340,000 after applicable income tax reduction of $1,200,000.

At the end of the current year, Seminole Inc. has outstanding 8,500,000 shares of $10 par common stock and 50,000 shares of 6% preferred. On April 1 of the current year, Seminole Inc. issued 1,000,000 shares of common stock for $32 per share to help finance the casualty. Compute the earnings per share on common stock for the current year as it should be reported to stockholders.