Problem:
A Corporation has outstanding at December 31, 2008, 50,000 shares of $20 par value, cumulative, 8% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding the entire year. During 2008, they earned total revenues of $2,000,000 and incurred total expenses (except income taxes) of $1,200,000. Income tax rate is 30%.
Instructions:
Compute the 2008 earnings per share. (Round answer to 2 decimal places.)