At December 31, Year 7 Crane Company had 303,000 shares of common stock and 11,000 shares of 7%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in Year 7 or Year 8. On January 30, Year 9, prior to the issuance of its financial statements for the year ended December 31, Year 8, Crane declared a 100% stock dividend on its common stock. Net income for Year 8 was $1,144,000. In its Year 8 financial statements, how much should be Crane's Year 8 earnings per common share (rounded to the nearest penny)? (Hint: Should the number of shares outstanding be adjusted by the declaration of a 100% stock dividend?)