Assume that the following data relative to Kane Company for 2018 is available: Net Income $2,870,000 Transactions in Common Shares Jan. 1, 2018, Beginning number Mar. 1, 2018, Purchase of treasury shares June 1, 2018, Stock split 2-1 Nov. 1, 2018, Issuance of shares Change Cumulative 680,000 (56,400) 623,600 623,600 1,247,200 210,000 1,457,200 6% cumulative convertible preferred stock Sold at par, convertible into 200,000 shares of common (adjusted for split). $1,000,000 Stock Options Exercisable at the option price of $25 per share. Average market price in 2018, $30 (market price and option price adjusted for split). 81,000 shares Compute weighted average shares outstanding for 2018. Weighted average shares outstanding Compute the basic earnings per share for 2018. (Round answer to 2 decimal places, e.g. 52.75.)