At December 31, 2015 and 2016, Funk & Noble Corporation had outstanding 1,240 million shares of common stock and 19 million shares of 4%, $100 par value cumulative preferred stock. No dividends were declared on either the preferred or common stock in 2015 or 2016. Net income for 2016 was $2,804 million. The income tax rate is 40%. Calculate earnings per share for the year ended December 31, 2016. (Round your answer to 2 decimal places.)