A portion of the combined statement of income and retained earnings of Oriole Ltd. for the current year ended
December 31, 2017 follows:
Income before discontinued operations $30,221,000Loss from discontinued operations, net of applicable income tax (Note 1) 1,757,000Net income 28,464,000Retained earnings at beginning of year 93,240,000 121,704,000Dividends declared: On preferred shares, $4 per share $325,600 On common shares, $1.2 per share 13,380,000 13,705,600Retained earnings at end of year $107,998,400
Note 1. During the year, Oriole Inc. suffered a loss from discontinued operations of $1,757,000 after the applicable income tax reduction of $439,250.
At the end of 2017, Oriole Inc. has outstanding 11.15 million common shares and 81,400 shares of preferred.
On April 1, 2017, Oriole Inc. issued 1.35 million common shares for $34 per share to help finance the loss.
Calculate the earnings per share on common shares for the current year as it should be reported to shareholders.