At December 31, 2019, and 2020, Jet Corp. had 100,000 shares of common stock and 10,000 shares of 5\%,\$100 par value noncumulative preferred stock outstanding. No dividends were declared on either the preferred or the common stock in 2020 or 2019. Net income for 2020 was \(\$ 1,000,000\). Compute basic earnings per common share for 2020 .