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

Rembrandt Paint Co. Picasso Art Supplies Total earnings $ 576,000 $ 820,000

Number of shares of stock outstanding 160,000 410,000

Earnings per share $ 3.60 $ 2

Price-earnings ratio (P/E) 15 27

Market price per share $ 54 $ 54

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.)