Two companies are financed as follows:

	X Co.	Y Co.
Bonds payable, 9% issued at face	$5,000,000	$3,000,000
Common stock, $25 par	3,000,000	3,000,000

Income tax is estimated at 40% of income for both companies.

Determine for each company the earnings per share of common stock, assuming that the income before bond interest and income taxes is $2,280,000 each