Hopen Consulting has 310,000 shares of $100 par value, 8% cumulative preferred stock and 2,650,000 shares of common stock. Although no dividend was declared last year, a $6,500,000 dividend has been declared this year. After finding the amount of dividends due to the preferred shareholders, calculate the dividend per share of common stock.
a) $1.15
b) $1.50
c) $2.50
d) $3.50
