On December 31, 2020, Dow Steel Corporation had 600,000 shares of common stock and 300,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. On February 28, 2021, Dow sold 60,000 common shares. Dow issued a 4% common stock dividend on May 15. 2,000 shares were retired on July 1.

Dow paid cash dividends of $400,000 and $75,000 to common and preferred shareholders, respectively, on December 15, 2021. Dows net income for the year ended December 31, 2021 was $2,100,000. Compute Dows earnings per share.