An analyst has gathered the following information about a company:

110,000 shares of common outstanding at the beginning of the year

The company has a 3-for-1 stock split on March 1

The company repurchases 20,000 of its own common shares on July 1

Net income is $200,000 of the year

10,000 convertible preferred shares with 10 percent dividend rate and $100 par value per share

The company also has $1 million in 10 percent callable bonds outstanding

The company has declared a $0.50 dividend on the common shares

What is the company's basic earnings per share?