Aportion of the combined statement of income and retained earnings of seminole inc. for current year follows: income before extraordinary item: $15,000,000extraordinary loss, net of applicable income tax (note 1): 1,340,000net income: 13,660,000retained earnings at the beginning of the year: 83,250,000dividends declared: preferred stock: $6.00 per share 300,000common stock: $1.75 share 14,875,000 15,175,000retained earnings at the end of the year: 81,735,000note 1: during the year, seminole inc. suffered a major casualty loss of $1,340,000 after applicable income tax reduction of $1,200,000.at the end of the current year, seminole inc. has outstanding 8,500,000 shares of $10 par common stock and 50,000 shares of 6% preferred. on april 1 of the current year, seminole inc. issued 1,000,000 shares of common stock for $32 per share to finance the casualty. compute the earnings per share on common stock for the current year as it should be reported to stockholders.