Cow Corporation had 110,000 common shares outstanding in all of 2021. The company also had 3,000 $100 outstanding cumulative preferred shares that are each entitled to an annual dividend of $2. Dividends of $5,000 were declared on December 15, 2021 and paid on January 6, 2022. The company's net income for the year ended December 31, 2021 was $436,000.

Calculate basic EPS for 2021