At January 1, 2020, Monty Company's outstanding shares included the following. 276,000 shares
of $50 par value, 6% cumulative preferred stock 940,000 shares of $1 par value common stock
Net income for 2020 was $2,512,000. No cash dividends were declared or paid during 2020 . On
February 15,2021 , however, all preferred dividends in arrears were paid, together with a 5% stock
dividend on common shares. There were no dividends in arrears prior to 2020. On April 1, 2020,
408,000 shares of common stock were sold for $10 per share, and on October 1,2020,112,000
shares of common stock were purchased for $21 per share and held as treasury stock. Compute
earnings per share for 2020. Assume that financial statements for 2020 were issued in March
2021. (Round answer to 2 decimal places, e.g. $2.55. Earnings per share $