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

Income from continuing operations

$$14,928,750$

Loss from discontinued operations, net of applicable income tax $($Note $1)$

$1,406,750$

Net income

$13,522,000$

Retained earnings at the beginning of the year

$82,330,000$

$95,852,000$

Dividends declared:

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

$$282,000$

On common stock$$$$1\mathrm{.}75$ per share

$14,770,000$

$15,052,000$

Retained earnings at the end of the year

$$80,800,000$

Note $1.$ During the year, Cullumber Inc. suffered a major loss from discontinued operations of $$1,406,750$ after applicable income tax reduction of $$1,190,000.$

At the end of the current year, Cullumber Inc. has outstanding $8,520,000$ shares of $$10$ par common stock and $47,000$ shares of $6\%$ preferred. On April $1$ of the current year, Cullumber Inc. issued $980,000$ shares of common stock for $$33$ 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$.2\mathrm{.}55.)$