At December 31, 2024, Alon Corporation had 53,000 shares of common stock and 4,000 shares of 8%, $100 par cumulative preferred stock outstanding. No dividends were declared or paid in 2024. Net income was reported as $170,000. What is basic EPS?

Note: Round your answer to 2 decimal places.

$3.47

$3.21

$2.60

$2.98