On January , 2023 Meribel Ltd. had 192,000 common shares issued and outstanding. During 2023 the following transactions occurred:

Mar1 issued 84,000 common shares

Apr 30 issued 5% stock dividend

May 31 issued a 3 for 1 stock split

July 31 Acquired 48,000 common shares

Sept 30 Issued 24,000 common shares

In addition to common shares Meribel had 24,000 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.