cember 31, 2016, Cleveland Corporation had the following stock outstanding. 8% cumulative preferred stock, $100 par, 15,000 shares Common stock, $10 par, 800,000 shares $1,500,000 8,000,000 In addition, Cleveland Corporation issued 3,000,000 additional common shares on April 1, 2016. The following also occurred during 2016 Income from continuing operations Discontinued operations (loss before taxes) Preferred dividends declared Effective tax rate $6,000,000 (1,800,000) 1,200,000 35% Compute earnings per share as it should appear in Cleveland's income statement. Round to two decimal places