The answer is 1.10. Could someone please explain their process to get that. Thanks.

Laurier Inc. has the following shares outstanding 4000 Common shares outstanding 500 Preferred shares outstanding, cumulative, with 1 years of outstanding dividends in addition to the current year. The preferred shares pay dividends of $ 0.60 per share per year. During the current year, a dividend of $ 5000 was declared. How much would the common shareholder's receive per share. Round your answer to the nearest centie. 0.26