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

	Rembrandt Paint Co.			Picasso Art Supplies
Total earnings	$	640,000		$	1,200,000
Number of shares of stock outstanding		200,000			600,000
Earnings per share	$	3.20		$	2
Price-earnings ratio (P/E)		15			24
Market price per share	$	48		$	48

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.)