Sheffield Corp. had 306000 shares of common stock issued and outstanding at December 31, 2020. During 2021, no additional common stock was issued. On January 1, 2021, Sheffield issued 404000 shares of nonconvertible preferred stock. During 2021, Sheffield declared and paid $182000 cash dividends on the common stock and $152000 on the nonconvertible preferred stock. Net income for the year ended December 31, 2021, was $965000. What should be Sheffield's 2021 earnings per common share, rounded to the nearest penny?

A

$2.66

B

$3.15

C

$1.11

D

$2.06