Assume the following financial data for Rembrandt Paint Co. and Picasso Art Supplies: Rembrandt Paint Co Picasso Art Supplies Total eamings Number of shares of stock outstanding Earnings per share Price-earnings ratio (P/E) Market price per share S 640,000 S 1,200,000 600,000 2.0 24 48 200,000 3.2 S 15 48 S 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