Ulmer Company is considering the following alternative financing plans: Plan 1 Plan 2 Issue 6% bonds at face value $6,500,000 $4,250,000 Issue preferred stock, $20 par 2,125,000 Issue common stock, $18par 3,000,000 2,125,000 Income tax is estimated at 35% of income. Dividends of $1 per share were declared and paid on the preferred stock. Determine the earnings per share of common stock, assuming income before bond interest and income tax is $1,000,000