Assume the following financial data for Rembrandt Paint Co. and Picasso Art Supplies: Total earnings Rembrandt Paint Co. $ 352,000 110,000 3.20 10 32 Picasso Art Supplies $ 920,000 460,000 2 Number of shares of stock outstanding Earnings per share $ $ Price-earnings ratio (P/E) 16 Market price per share $ $ 32 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.) Postmerger earnings per share