On January 1, 2020, Sandhill Limited had shares outstanding as follows: 7% cumulative preferred shares, $100 par value, 10,500 shares issued and outstanding $1,050,000 Common shares, 200,000 shares issued and outstanding 2,000,000 To acquire the net assets of three smaller companies, the company authorized the issuance of an additional 303,000 common shares. The acquisitions were as follows: Date of Acquisition Company A: April 1, 2020 Company B: July 1, 2020 Company C: October 1, 2020 Shares Issued 163,000 75,000 65,000 On May 14, 2020, Sandhill realized a $97,000 gain (before tax) on a discontinued operation from a business segment that had originally been purchased in 2000. On December 31, 2020, the company recorded income of $697,000 before tax, not including the discontinued operation gain. Sandhill has a 40% tax rate. Calculate the earnings per share for 2020 as it should be reported to shareholders. Earnings per share Income before gain from discontinued operations x x Discontinued operations gain net of tax 0.15 Net income Assume that Logan declared a 1-for-2 reverse stock split on February 10, 2021, and that the company's financial statements for the year ended December 31, 2020, were issued on February 28, 2021. Calcu- late earnings per share for 2020 as it should be reported to shareholders. Round to the nearest cent