Note 1. During the year, Pharoah Inc. suffered a major loss from discontinued operations of $1,405,050 after applicable income tax reduction of $1,210,000. At the end of the current year, Pharoah Inc. has outstanding 8,520,000 shares of $10 par common stock and 53,000 shares of 6% preferred. On April 1 of the current year, Pharoah Inc. issued 1,020,000 shares of common stock for $35 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 places, e.g. 2.55.)