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

	Rembrandt Paint Co.			Picasso Art Supplies
Total earnings	$	455,000		$	800,000
Number of shares of stock outstanding		130,000			400,000
Earnings per share	$	3.50		$	2
Price-earnings ratio (P/E)		12			21
Market price per share	$	42		$	42

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.)