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A portion of the combined statement of income and retained earnings of Sheridan Inc. for the current year follows. Note 1. During the year. Sheridan Inc suffered a major loss from discontinued operations of $1,325,600 after applicable income tax reduction of $1,210,000. At the end of the current year, Sheridan Inc has outstanding 8,540,000 shares of $10 par common stock and 53,000 shares of 6% preferred. On April 1 of the current year, Sheridan Inc issued 1,020,000 shares of common stock for $34 per share to help finance the loss from discontinued operations. Compute the earnings per share on common stock for the current year as it should be reported to stockholders. (Round answer to 2 decimal ploces, eg. 2.55.) A portion of the combined statement of income and retained earnings of Sheridan Inc, for the current year follows. Note 1. During the year, Sheridan Inc. suffered a major loss from discontinued operations of $1,325,600 after applicable income tax reduction of $1,210,000. At the end of the current year, Sheridan Inc. has outstanding 8,540,000 shares of $10 par common stock and 53,000 shares of 6% preferred. On April 1 of the current year, Sheridan Inc. issued 1,020,000 shares of common stock for $34 per share to help finance the loss from discontinued operations