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

Income before extraordinary item				$15,170,000
Loss from discontinued operations, net of applicable income tax (Note 1)				1,370,000
Net income				13,800,000
Retained earnings at the beginning of the year				81,780,000
				95,580,000
Dividends declared:
On preferred stock$6.00 per share		$312,000
On common stock$1.75 per share		14,740,000		15,052,000
Retained earnings at the end of the year				$80,528,000

Note 1. During the year, Bridgeport Inc. suffered a major loss from discontinued operations of $1,370,000 after applicable income tax reduction of $1,200,000. At the end of the current year, Bridgeport Inc. has outstanding 8,410,000 shares of $10 par common stock and 52,000 shares of 6% preferred. On April 1 of the current year, Bridgeport Inc. issued 980,000 shares of common stock for $32 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. $2.55.)

Bridgeport Inc. Income Statement

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