Assume the following financial data for Rembrandt Paint Co$.$ and Picasso Art Supplies:

Rembrandt Paint Co$.$ Picasso Art Supplies

Total earnings $ $408,000$ $ $1,040,000$

Number of shares of stock outstanding $120,000520,000$

Earnings per share $ $3\mathrm{.}40$ $ $2$

Price$-$earnings ratio $($P$/$E$)2034$

Market price per share $ $68$ $ $68$

If all the shares of Rembrandt Paint Co$.$ are exchanged for those of Picasso Art Supplies on a share$-$for$-$share basis, what will postmerger earnings per share be for Picasso Art Supplies? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$