Crystal Arts, Inc., had earnings of $222,200 for 2016. The company had 22,000 shares of common stock outstanding during the year. In addition, the company issued 3,300 shares of $100 par value preferred stock on January 3, 2016. The preferred stock has a dividend of $6 per share. There were no transactions in either common or preferred stock during 2016. Determine the basic earnings per share for Crystal Arts. Round answer to two decimal places.