An analyst gathered the following information about a company whose fiscal year end is December 31.

Net income for the year was $23.7 million. Preferred stock dividends of $3 million were paid for the year. Common stock dividends of $6 million were paid for the year. There were 10 million shares of common stock outstanding on January 1. The company issued 6 million new shares of common stock on July 1. The capital structure does not include any potentially dilutive securities.

Required:

Calculate the companys basic earnings per share.