Firm Geneva has an outstanding issue of 10,000 shares of preferred stock with a $100 par value and an 8% annual dividend. The preferred stock is cumulative, and the board of directors has not paid the preferred dividend for the prior two years. The firm also has 500,000 shares of common stock outstanding. This year, the firm is profitable, reporting a net income of $1,880,000. To reward its common stockholders, the board of directors has announced to only retain 40% of its net income. What is the dividend per share payable to the common stockholders?