Assume the following financial data for Rembrandt Paint Co. and Picasso Art Supplies: Rembrandt Paint Co. Picasso Art Supplies Total earnings $ 352,000 $ 1,020,000 Number of shares of stock outstanding 110,000 510,000 Earnings per share $ 3.2 $ 2.0 Price-earnings ratio (P/E) 10 16 Market price per share $ 32 $ 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.)