XYZ has 100,000 shares of $1 par value common stock authorized; 50,000 shares of common stock issued; and 10,000 shares of common stock in treasury, for the entire 2013 year. XYZ additionally has 1,000 shares of $100 par, 4% preferred stock authorized, issued, and outstanding for the same time period. XYZ has reported net income for 2013 of $20,000.

1. Calculate the earnings per share.