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

Rembrandt Paint Company Picasso Art Supplies

Total earnings $ $576,000$ $ $1,120,000$

Number of shares of stock outstanding $160,000560,000$

Earnings per share $ $3\mathrm{.}60$ $ $2$

Price$-$earnings ratio $($P$/$E$)1527$

Market price per share $ $54$ $ $54$

If all the shares of Rembrandt Paint Company 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?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.