Hatz & Hornes, Inc. has the following items in its capital structure at December 31, 2019:

Additional paid-in-capital ..................................................................$ 380,000

Common stock, $10 stated value, issued January 2, 2018.................600,000

Preferred stock, 6%, $8 par value, convertible in 2 years into 73,000 common shares, issued at par value on July 1, 2019 ........................................................................................1,600,000

Stock warrants, issued in exchange for legal services at the companys formation, convertible into 650 shares of common stock at the discretion of the warrant-holders, but not earlier

than 2021 (conversion would require a cash payment to the company from the warrant-holders, which would be sufficient to require 150 shares of common stock at current market prices) ....................................................................................10,000

Treasury stock, common (10,000 shares at cost), reacquired on November 1, 2018 .......................................................(140,000)

Net income for 2019 was $348,000; the Board of Directors has not declared the appropriate dividend for the preferred shareholders.

What earnings per share would Hatz & Hornes report for the year ended December 31, 2019? Prepare a schedule to support your answer.