Book Value per share

The following information was taken from at set of year end financial statements.

Preferred Stock. $10 par, 20,000 shares, no liquidation

preference $200.000

Common Stock, par value $.10 Authorized

1,000,000 shares; issued 360,000 shares 36,000

Additional paid- in capital 7,164,000

Retained earnings 2,600,000

Treasury stock, at cost (60,000 shares) (1,800,000)

Total Stockholders equity $8,200.000

Assume that the company also had $2,000,000 worth of convertible bonds. The bonds are convertible at one $10,000 bond into 500 shares of stock. The stock is currently trading as $32.50 per share.

Calculate the book value per to the common shareholders.