Phillips Rock and Mud is trying to determine the maximum amount of cash dividends it can pay this year. Assume its balance sheet is as follows:

Assets

Cash $ $401,000$

Accounts receivable $804,000$

Fixed assets $1,085,000$

Total assets $ $2,290,000$

Liabilities and Stockholders' Equity

Accounts payable $ $536,000$

Long term payable $297,000$

Common stock $(320,000$ shares at $$1$ par$)320,000$

Retained earnings $1,137,000$

Total liabilities and stockholders' equity $ $2,290,000$

a$-1.$ From a legal perspective, what is the maximum amount of dividends per share the firm could pay?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places.