At January 1, 2020, Sheffield Company's outstanding shares included the following. 292,000 shares of $50 par value, 7% cumulative preferred stock 853,000 shares of $1 par value common stock Net income for 2020 was $2,490,000. 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, 445,000 shares of common stock were sold for $10 per share, and on October 1, 2020, 113,000 shares of common stock were purchased for $21 per share and held as treasury stock. Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021. (Round answer to 2 decimal places, e.g. $2.55.) Earnings per share $ 1.11