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

Income from continuing operations

$$15,112,350$

Dividends declared:

On preferred stock $-$$$6\mathrm{.}00$ per share

Note $1.$ During the year, Pharoah Inc. suffered a major loss from discontinued operations of $$1,405,050$ after applicable income tax

reduction of $$1,210,000.$

At the end of the current year, Pharoah Inc. has outstanding $8,520,000$ shares of $$10$ par common stock and $53,000$ shares of $6\%$

preferred. On April $1$ of the current year, Pharoah Inc. issued $1,020,000$ shares of common stock for $$35$ per share to help finance the

loss from discontinued operations.

Compute the earnings per share on common stock for the current year as it should be reported to stockholders. $($Round answer to $2$

decimal places, e$.$g$.2\mathrm{.}55.)$

PHAROAH INC.

Income Statement

For the Year Ended December $31$

Income per Share before Extraordinary Item

Extraordinary Loss

Net Income $/($Loss$)$