A portion of the statement of income and retained earnings of Seminole Inc. for the current year follows. During the year, Seminole Inc. suffered a major casualty loss of $1, 371,000 after applicable income tax reduction of $1, 400,000. At the end of the current year, Seminole Inc. has outstanding 8, 306,000 shares of $10 par common stock and 64,000 shares of 6% preferred. On April 1 of the current year, Seminole Inc. issued 1, 049,000 shares of common stock for $33 per share to help finance the casualty. Compute the earnings per share on common stock for the current year as it should be reported to stockholders