An analyst gathered the following information about a company whose fiscal year end is December 31:
• Net income for the year was \($10.5\) million.
• Preferred stock dividends for \($2\) million were paid for the year.
• Common stock dividends of \($3.5\) million were paid for the year.
• There were 20 million shares of common stock outstanding on January 1, 2008.
• The company issued 6 million new shares of common stock on April 1, 2008.
• The capital structure does not include any potentially dilutive convertible securities, options, warrants, or other contingent securities.
Required:
What would the company’s basic earnings per share be for 2008?