Waterway Corporation had $602500$ shares of common stock outstanding during the year. Waterway declared and paid cash dividends of $$431000$ on the common stock and $$326000$ on the preferred stock. Net income for the year was $$1772000.$ What is Waterway's earnings per share?

$$1\mathrm{.}90$

$$2\mathrm{.}40$

$$2\mathrm{.}23$

$$2\mathrm{.}28$