On december 31, 2017, dow steel corporation had 770,000 shares of common stock and 47,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. dow issued a 5% common stock dividend on may 15 and paid cash dividends of $570,000 and $86,000 to common and preferred shareholders, respectively, on december 15, 2018. on february 28, 2018, dow sold 68,000 common shares. in keeping with its long-term share repurchase plan, 4,000 shares were retired on july 1. dow's net income for the year ended december 31, 2018, was $2,950,000. the income tax rate is 40%. required: compute dow's earnings per share for the year ended december 31, 2018.