At December 31, 2021 and 2020, Bull Co. had 103,000 shares of common stock and 5300 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2021 or 2020. Net income for 2021 was $530,000. For 2021, basic earnings per share was:

$4.86

$4.63

$4.89

$2.65