On January 1 of the current year, Stichum Company had 156000 shares of $44 par common stock issued and outstanding and 24000 shares of noncumulative 3%, $200 par preferred stock issued and outstanding.

On June 1, Stichum Company issued an additional 25500 common shares and another 37500 common shares on September 1. Net income for the year was $1020000.

Compute the basic earnings per share of common stock. Round your answer to the nearest cent.

The basic earnings per share of common stock is $

.