Louisiana Timber Company currently has 5 million shares of stock outstanding and will report earnings of $6.23 million in the current year. The company is considering the issuance of 2 million additional shares that will net $37 per share to the corporation.

Assume the Louisiana Timber Company can earn 13.80 percent on the proceeds of the stock issue in time to include it in the current years results. Calculate earnings per share. (Do not round intermediate calculations and round your answer to 2 decimal places.)

Earnings per Share

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