Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Fitzgeralds financial statements. Below is selected financial information for the fiscal year ended June 30, 2014. FITZGERALD PHARMACEUTICAL INDUSTRIES SELECTED BALANCE SHEET INFORMATION JUNE 30, 2014 Long-term debt Notes payable, 10% $1,045,000 8% convertible bonds payable 5,122,000 10% bonds payable 6,133,000 Total long-term debt $12,300,000 Shareholders equity Preferred stock, 6% cumulative, $55 par value, 106,600 shares authorized, 26,650 shares issued and outstanding $1,465,750 Common stock, $1 par, 10,108,000 shares authorized, 1,010,800 shares issued and outstanding 1,010,800 Additional paid-in capital 4,009,100 Retained earnings 6,008,800 Total shareholders equity $12,494,450 The following transactions have also occurred at Fitzgerald. 1. Options were granted on July 1, 2013, to purchase 203,300 shares at $18 per share. Although no options were exercised during fiscal year 2014, the average price per common share during fiscal year 2014 was $30 per share. 2. Each bond was issued at face value. The 8% convertible bonds will convert into common stock at 55 shares per $1,000 bond. The bonds are exercisable after 5 years and were issued in fiscal year 2013. 3. The preferred stock was issued in 2013. 4. There are no preferred dividends in arrears; however, preferred dividends were not declared in fiscal year 2014. 5. The 1,010,800 shares of common stock were outstanding for the entire 2014 fiscal year. 6. Net income for fiscal year 2014 was $1,557,000, and the average income tax rate is 45%. For the fiscal year ended June 30, 2014, calculate the following for Fitzgerald Pharmaceutical Industries. (Round answers to 2 decimal places, e.g. $2.45.) (a) Basic earnings per share.