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Pharoah Corporation had 2017 net income of $1,001,000

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Pharoah Corporation had 2017 net income of $1,001,000. During 2017, Pharoah paid a dividend of $2 per share on 43,250 shares of preferred stock. During 2017, Pharoah had outstanding 295,000 shares of common stock. Compute Pharoah's 2017 earnings per share

(Round answer to 2 decimal places, e.g. 3.56)