A portion of the combined statement of income and retained earnings of Cullumber Inc. for the current year follows. Income from continuing operations $15,080,800 Loss from discontinued operations, net of applicable income tax (Note 1) 1,344,800 Net income 13,736,000 Retained earnings at the beginning of the year 83,620,000 97,356,000 Dividends declared: On preferred stock-$6.00 per share On common stock-$1.75 per share Retained earnings at the end of the year $288,000 14,620,000 14,908,000 $82,448,000 Note 1. During the year, Cullumber Inc. suffered a major loss from discontinued operations of $1,344,800 after aplicable income tax reduction of $1,190,000. At the end of the current year, Cullumber Inc. has outstanding 8,660,000 shares of $10 par common stock and 48,000 shares of 6% preferred. On April 1 of the current year, Cullumber Inc. issued 1,020,000 shares of common stock for $30 per share to help finance the loss from discontinued operations. Compute the earnings per share on common stock for the current year as it should be reported to stockholders. (Round answer to 2 decimal places, e.g. 2.55.) CULLUMBER INC. Income Statement For the Year Ended December 31 Income from Continuing Operations Loss from Discontinued Operations Net Income/(Loss) 15080800 -1344800 13736000