Sandhill Medical manufactures hospital beds and other institutional furniture. The companys comparative balance sheet and income statement for 2015 and 2016 follow.

Sandhill Medical Comparative Balance Sheet As of December 31
		2016		2015
Assets
Current assets
Cash		$317,000		$417,500
Accounts receivable, net		1,067,700		776,450
Inventory		735,000		681,100
Other current assets		383,000		247,100
Total current assets		2,502,700		2,122,150
Property, plant, & equipment, net		9,618,120		8,340,460
Total assets		$12,120,820		$10,462,610
Liabilities and Stockholders Equity
Current liabilities		$3,180,000		$2,846,050
Long-term debt		3,702,650		3,892,700
Total liabilities		6,882,650		6,738,750
Preferred stock, $5 par value		56,900		56,900
Common stock, $0.25 par value		135,000		103,900
Retained earnings		5,046,270		3,563,060
Total stockholders equity		5,238,170		3,723,860
Total liabilities and stockholders equity		$12,120,820		$10,462,610

Sandhill Medical Comparative Income Statement and Statement of Retained Earnings For the Year
		2016		2015
Sales revenue (all on account)		$10,280,000		$9,613,900
Cost of goods sold		4,273,000		5,298,750
Gross profit		6,007,000		4,315,150
Operating expenses		2,840,200		2,634,200
Net operating income		3,166,800		1,680,950
Interest expense		390,000		308,650
Net income before taxes		2,776,800		1,372,300
Income taxes (30%)		833,040		411,690
Net income		$1,943,760		$960,610
Dividends paid
Preferred dividends		29,550		29,550
Common dividends		431,000		490,000
Total dividends paid		460,550		519,550
Net income retained		1,483,210		441,060
Retained earnings, beginning of year		3,563,060		3,122,000
Retained earnings, end of year		$5,046,270		$3,563,060

(a)

Calculate the earnings per share (average of 396,000 shares outstanding for the year) for 2016. (Round answer to 2 decimal places, e.g. 2.55.)

Earning per share

$ per share