A company has two classes of stock. 10,000 shares of $100 par cumulative, 4% preferred stock and 400,000 shares of $3 par common stock are outstanding. The board of directors declares a $700,000 dividend. If dividends are in arrears for 2 years, how much is the dividend per share for common stockholders? Keep all decimals while calculating. Round your final answer to the nearest one cent ($1.00).