On January 1, 2007, Colaw issued 400,000 shares of nonconvertible preferred stock.

On January 1, 2007, Colaw issued 400,000 shares of nonconvertible preferred stock. During 2007, Colaw declared and paid $180,000 cash dividends on the common stock and $150,000 on the nonconvertible preferred stock. Net income for the year ended December 31, 2007, was $960,000. What should be Colaw”s 2007 earnings per common share, rounded to the nearest penny?