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

Income before extraordinary item				$14,900,000
Loss from discontinued operations, net of applicable income tax (Note 1)				1,360,000
Net income				13,540,000
Retained earnings at the beginning of the year				84,830,000
				98,370,000
Dividends declared:
On preferred stock$6.00 per share		$318,000
On common stock$1.75 per share		14,670,000		14,988,000
Retained earnings at the end of the year				$83,382,000

Note 1. During the year, Swifty Inc. suffered a major loss from discontinued operations of $1,360,000 after applicable income tax reduction of $1,230,000. At the end of the current year, Swifty Inc. has outstanding 8,330,000 shares of $10 par common stock and 53,000 shares of 6% preferred. On April 1 of the current year, Swifty Inc. issued 980,000 shares of common stock for $31 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.