On January , 2020 Meribel Ltd. had 192,000common shares issued and outstanding. During 2020 the following transactionsoccurred:

Mar1issued84,000common shares

Apr 30issued 5% stock dividend

May 31issued a 3 for 1 stock split

July 31Acquired 48,000 common shares

Sept 30Issued 24,000 common shares

In addition to common shares Meribel had24,000 of 8%,$100 par,cumulative preferred shares outstanding for the whole year.No dividends were declared during the year. Net income for the year was $1,200,000.

Required:

Calculate the earnings per share for the year.