Crane Company had 295000 shares of common stock issued and outstanding at December 31, 2017. During 2018, no additional common stock was issued. On January 1, 2018, Crane issued 410000 shares of nonconvertible preferred stock. During 2018, Crane declared and paid $183000 cash dividends on the common stock and $145000 on the nonconvertible preferred stock. Net income for the year ended December 31, 2018, was $954000. What should be Crane's 2018 earnings per common share, rounded to the nearest penny?

$2.74

$3.23

$2.12

$1.19