1. On December 31, 2015, Belair Corporation had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2016, Belair purchased 24,000 shares of common stock on the open market as treasury stock paying $20 per share. On June 30, 2016, Belair declared and issued a 2-for-1 stock split on outstanding common stock. Belair sold 6,000 treasury shares on September 30, 2016, for $15 per share. Net income for 2016 was $180,905. Required: Compute Belair's basic earnings per share for 2016.