Sheffield Corporation had 2017 net income of $1,200,000. During 2017, Sheffield paid a dividend of $2 per share on 244,500 shares of preferred stock. During 2017, Sheffield had outstanding 237,000 shares of common stock. Compute Sheffields 2017 earnings per share. (Round answer to 2 decimal places, e.g. 3.56.)

Earnings per share