The stockholders equity section of the balance sheet of a company reveals the following information for the year ended December 31, 2020. No additional shares of preferred stock have been issued and no dividends were in arrears.

Preferred Stock (6%, $20 par, cumulative, 5,000 shares authorized, 2,000 issued and outstanding) Common Stock ($5 par, 100,000 authorized, 80,000 issued, 75,000 outstanding)

On December 31 of each of the following years, the company declared the following cash dividends:

2020 $0

2021 $5,500

2022 $8,750

A companys Dec 31, 2022 equity accounts are shown below:

Preferred Stock (7%, $100 par, cumulative, 8,000 authorized) $400,000

Common Stock ($10 par, 200,000 shares authorized) 1,000,000

On April 1, 2022, 25,000 shares of common stock had been issued when the market price of the stock was $15. On August 31, 2012, 30,000 shares of common stock had been issued in exchange for some land when the stock was trading at $18 per share. No new shares of preferred stock were issued during the year.

If the company reported net income of $200,000 in 2022, what are the earnings per share? (Round to the nearest cent.)