Wilson Industries is considering the acquisition of the Blanchard Company in a stock$-$for$-$stock exchange. Selected financial data for the two companies are shown next. An immediate synergistic earnings benefit of $$2$ million is expected in this merger, due to cost savings.

Wilson Blanchard

Sales $($millions$)$ $ $260$ $ $38$

Earnings after taxes $($millions$)$ $ $52$ $ $4\mathrm{.}5$

Common shares outstanding $($millions$)162$

Earnings per share $ $3\mathrm{.}250$ $ $2\mathrm{.}25$

Dividends per share $ $1\mathrm{.}50$ $ $0\mathrm{.}75$

Common stock $($price per share$)$ $ $50$ $ $16\mathrm{.}00$

Calculate the postmerger earnings per share if the Blanchard shareholders accept an offer of $$18$ per share in a stock$-$for$-$stock exchange. Round your answer to the nearest cent.