An entity reported the following information on January 1, 2017: Ordinary share capital, P10 par, 800,000 shares Preference share capital, P50 par, 50,000 shares 12% Bonds payable The preference share capital is 10% cumulative and convertible into 100,000 ordinary shares. Dividends on preference shares are in arrears for two years. The 12% bonds are convertible into 80 ordinary shares for each P1,000 bond. Unexercised share options to purchase 90,000 ordinary shares at P20 per share were outstanding at the beginning and ending of 2017. The average market price of the ordinary share was P30 per share and the market price on December 31, 2017 was P40 per share. 1 May July 1 Oct. 1 Dec. 31 8,000,000 2,500,000 5,000,000 Issued 60,000 ordinary shares at P25 per share. Purchased 100,000 ordinary shares at P15 to be held as treasury. Converted bonds with face amount of P2,000,000. The net income for 2017 was P5,000,000. The tax rate is 30%. What is the amount of basic earnings per share?