21) Hanson Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and $1,500,000 of 5% convertible bonds outstanding during 2025. The preferred stock is convertible into 40,000 shares of common stock. During 2025, Hanson paid dividends of $.90 per share on the common stock and $3 per share on the preferred stock. Each $1,000 bond is convertible into 30 shares of common stock. Hanson's net income for 2025 was $600,000 and its income tax rate was 30%. Basic earnings per share for 2025 (rounded to the nearest penny) is 21). A) $2.50. B) $2.70. C) $2.20. D) $2.42.