Atlanic City Corporation reported net income of $148,750 for 2019. The company had 10,000 shares of cumulative 4%, $50 par value preferred stock issued and outstanding for all of 2019. In addition, Atlantic City began 2019 with 18,000 shares of common stock issued and outstanding and issued an additional 8,000 shares of common stock on October 1, 2019. The company declared and paid the dividend on preferred stock on December 15, 2019 and declared and paid a $1.00 dividend on its common stock on November 30, 2019. Calculate Atlantic Citys 2019 basic earnings per share.