8 Sovran Financial Corporation reported net income of $154 million in 2018. The following information relates to Sovran's common stock in 2018. 1/1/18 60 million common shares were outstanding 3/1/18 12 million new common shares were issued 6/1/18 a 10% stock dividend was distributed 10/1/18 8 million shares of common stock were reacquired as treasury stock Throughout the year, the entity's capital structure included 5 million shares of 8%, $10 par, nonconvertible preferred stock. Required: Determine basic earnings per share.