At January 1, 2017, Blossom Company's outstanding shares included the following. 276, 000 shares of $50 par value, 6% cumulative preferred stock 940, 000 shares of $1 par value common stock Net income for 2017 was $2, 512, 000. No cash dividends were declared or paid during 2017. On February 15, 2018, however, all presence dividends in arrears paid together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2017. On April 1, 2017. 408, 000 shares of common stock were sold for $10 per share, and on October 1, 2017, 112, 000 shares of common stock were purchased for $21 per share and held as treasury stock. Compute earnings per share for 2017. Assume that financial statements for 2017 were issued in March 2018. (Round answer to 2 decimal Places, e.g.$2.55) Earnings per share $