Gladwell Industries reported net income of $813,700 for its fiscal year ended September 30, 2016. At the beginning of that fiscal year, 257,000 shares of common stock were outstanding. On February 1, 2016, an additional 66,000 shares were issued. On July 1, 2016, 30,000 shares were purchased as treasury stock. On August 31, 2016, 15,000 shares of the treasury stock were sold. During the year, the company paid the annual dividend on 45,500 shares of 7%, $62 par value preferred stock that were outstanding during the entire fiscal year.

Required:

Calculate the earnings per share of common stock for the year ended September 30, 2016.

Please round answer to 2 decimal places.