Case Ltd was incorporated on 1 January 20x0 with share capital of $100,000, comprising 50,000 ordinary shares. On 1 January 20x1, Case Ltd issued 10,000 cumulative preference shares at $10 per share. The preference shares pay 5% of net dividends every year. On 1 March 20x1, Case Ltd issued an additional 12,000 ordinary shares at $3 per share. On 1 September 20x1, Case Ltd bought back 6,000 ordinary shares at $4 per share. Case Ltds profit after tax for the year ended 31 December 20x1 was $100,000. What was Case Ltds basic earnings per share (rounded to the nearest cent) for the year ended 31 December 20x1?

$1.79.

$1.70.

$1.64.

$1.72.