1. At December 31, 2010, Reid Company had 600,000 shares of common stock issued and outstanding, 400,000 of which had been issued and outstanding throughout the year and 200,000 of which were issued on October 1, 2010. Net income for 2010 was $2,000,000, and dividends declared on preferred stock were $400,000. Compute Reid's earnings per common share. (Round to the nearest penny)