Hedley Corporation had 2020 net income of $1.4 million. During 2020, Hedley paid a dividend of $5 per share on 100,000 preferred shares. Hedley also had 220,000 common shares outstanding during the...

Hedley Corporation had 2020 net income of $1.4 million. During 2020, Hedley paid a dividend of $5 per share on 100,000 preferred shares. Hedley also had 220,000 common shares outstanding during the year. Calculate Hedley's 2020 earnings per share. Round to the nearest cent.