On December 31, 2020, Dow Steel Corporation had 660,000 shares of common stock and 36,000 shares of 10%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 5% common stock dividend on May 15 and paid cash dividends of $460,000 and $75,000 to common and preferred shareholders, respectively, on December 15, 2021. On February 28, 2021, Dow sold 56,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2021, was $2,400,000. The income tax rate is 25%. Required: Compute Dow's earnings per share for the year ended December 31, 2021.

Numerator	/	Denominator	=	Earnings per share
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