he following information pertains to Raleigh Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

Assets
Cash and short-term investments	$40,000
Accounts receivable (net)	30,000
Inventory	25,000
Property, plant and equipment	215,000
Total Assets	310,000

Liabilities and Stockholders' Equity
Current liabilities	60,000
Long-term liabilities	95,000
Stockholders' equity-common	155,000
Total Liabilities and Stockholders' Equity	310,000

Income Statement
Sales	$130,000
Cost of goods sold	45,000
Gross margin	95,000
Operating expenses	20,000
Net Income	$75,000

Number of shares of common stock	8,000
Market price of common stock	$20
Dividends per share	1.00
Cash provided by operations	$40,000

What is the earnings per share on common stock?