ABC corp. reported net income of $200 million in 2021(tax rate 25%). It has 15 million shares of cumulative 5% preferred stock, $10 par, outstanding. The preferred stocks are not convertible. It's capital structure included the following.

Jan. 1 100 million common shares were outstanding

May. 1 10 million shares were reacuired as treasury stock

June. 1 A 25% stock dividend was distributed

Aug. 1 20 million new shares were sold

Required: Compute ABC's basic earnings per share for the year ended December 31, 2021. Show calculation.