Canal Industries has provided the following information:

Net income, $$120,000$

Preferred shares issued, $6,000$

Weighted average number of shares of common stock issued, $24,000$

Cash dividends declared and paid on common stock, $$15,000$

Market price per share, $$18$

Weighted average number of treasury shares of common stock, $4,000$

What is Canal's earnings per share?