At January 1, 2020, Novak Company's outstanding shares included the following:

262,200 shares of $50 par value, 7% cumulative preferred stock.

826,000 shares of $1 par value common stock

Net income for 2020 was $2,542,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2020.

On April 1, 2020, 456,000 shares of common stock were sold for $10 per share, and on October 1, 2020, 118,000 shares of common stock were purchased for $20 per share and held as treasury stock.

Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021.