Figurate Industries has 720,000 shares of cumulative preferred stock outstanding. It has passed the last three quarterly dividends of 2.80 per share and now at the end of the current quarter wishes to distribute a total of 12 million to its shareholders. If Figurate has 3.1 million shares of outstanding, how large a per-share common stock divided will it be able to pay?

The per-share common stock dividend Figuate will be able to pay is