An analyst gathers the following information about Meyer, Inc.:

• Meyer has 1,300 shares of 8% cumulative preferred stock outstanding, with a par value of $240, and liquidation value of $250.

• Meyer has 22,400 shares of common stock outstanding, with a par value of $52.

• Meyer had retained earnings at the beginning of the year of $5,050,000.

• Net income for the year was $74,000.

• This year, for the first time in its history, Meyer paid no dividends on preferred or common stock.

What is the book value per share of Meyer's common stock?