For the year ended 2020, The King Company has $1,250,000 of debt with an annual interest rate of 7.0%, $2,000,000 of preferred stock with an annual preferred dividend rate of 10.0%, $3,500,000 of common stock (total book value), and 251,678 common shares outstanding. In 2021, the company plans to raise $500,000 external capital to fund a new project through a term loan with an interest rate of 8.0%. The new loan's sinking fund provision requires the loan to be fully amortized over the next 5 years, commencing in 2022. The company expects that the existing debt and preferred stock will not be retired until the year 2026; so they will remain in the same amount in 2021. If the project goes as planned, the company expects $1,200,000 of EBIT in 2021. The company's tax rate is 40%. What will the expected earnings per share under the new debt alternative be? Round your answer to two decimal places of dollar