Cussatt Corporation has 1,000,000 shares of common stock outstanding throughout y8. In addition, the corporation has 5,000, 20-year, 7% bonds issued at par in y2. Each $1,000 bond is convertible into 40 shares of common stock after 9/23/y5. During the year y8, the corporation earned $1,000,000 after deducting all expenses. The tax rate was 30%.

Calculate the required earnings per share for y8. You must show all work to earn full credit.