A portion of the combined statement of income and retained earnings of Oriole Ltd. for the current year ended December 31, 2020 follows: Income before discontinued operations Loss from discontinued operations, net of applicable income tax (Note 1) Net income Retained earnings at beginning of year $5,221,000 4,057,000 1,164,000 23,240,000 24,404,000 Dividends declared: On preferred shares, $4.00 per share On common shares, $1.20 per share Retained earnings at end of year $325,600 2,340,000 2.665.600 $21,738,400 Note 1. During the year, Oriole Inc. suffered a loss from discontinued operations of $4,057,000 after the applicable income tax reduction of $1,014,250. At the end of 2020, Oriole Inc. has outstanding 1.95 million common shares and 81,400 preferred shares. On April 1, 2020, Oriole Inc. issued 1.35 million common shares for $6 per share to help finance the loss. Calculate the earnings per share on common shares for 2020 as it should be reported to shareholders. (Round answer to 2 decimal places, e.g. 15.25.) Earnings per share Income before loss from discontinued operations $ Loss from discontinued operations, net of tax $ Net income $ e Textbook and Media Assume that Oriole Inc. issued a 20% stock dividend on September 1, 2020. Calculate the earnings per share on common shares for 2020 as it should be reported to shareholders. (Round answer to 2 decimal places, e.g. 15.25.) Earnings per share Income before loss from discontinued operations $ Loss from discontinued operations, net of tax $ Net income $