1. Michael Company has 11,000 shares of $2.50 par value common stock and 1500 shares of $4.50 noncumulative preferred stock outstanding. The dividends on the preferred stock were not declared during the previous 3 years. This year the company is declaring dividends of $32,000. The common stockholders receive how much in dividends per share?

1. $.45
2. $2.91
3. $1.07
4. $1.16