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

Income before extraordinary item				$15,090,000
Loss from discontinued operations, net of applicable income tax (Note 1)				1,320,000
Net income				13,770,000
Retained earnings at the beginning of the year				84,530,000
				98,300,000
Dividends declared:
On preferred stock$6.00 per share		$330,000
On common stock$1.75 per share		14,930,000		15,260,000
Retained earnings at the end of the year				$83,040,000

Note 1. During the year, Kingbird Inc. suffered a major loss from discontinued operations of $1,320,000 after applicable income tax reduction of $1,190,000. At the end of the current year, Kingbird Inc. has outstanding 8,350,000 shares of $10 par common stock and 55,000 shares of 6% preferred. On April 1 of the current year, Kingbird Inc. issued 990,000 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.