At December 31, 2022, Pharoah Corp. had 385000 common shares outstanding. No additional common shares were issued during 2023. On January 1, 2023, Pharoah issued 430000 non-cumulative, non-convertible preferred shares. During 2023 , Pharoah paid cash dividends of $200000 to the common shares and $174000 to the preferred shares. Net income for calendar 2023 , was $535900. Their income tax rate is 40%. Basic earnings per share for 2023 is $1.84. $0.94 $1.39. $0.45