The board of directors of Clarian Motels has declared a dividend of $3,000,000. The company has 150,000 shares of preferred stock that pay $1.20 per share and 1,800,000 shares of common stock. After finding the amount of dividends due the preferred shareholders, calculate the dividend per share of common stock. (Round your answer to the nearest cent if necessary)
a) $0.44
b) $2.99
c) $1.57
d) $0.75