During $2024,$ Donovan Corporation had $1,080,000$ shares of common stock and $140,000$ shares of $6\%$ preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Donovan declared and paid cash dividends of $$480,000$ and $$240,000$ to common and preferred shareholders, respectively, during $2024.$

On January $1,2023,$ Donovan issued $$2,180,000$ of convertible $5\%$ bonds at face value. Each $$1,000$ bond is convertible into five common shares.

Donovan's net income for the year ended December $31,2024,$ was $$8\mathrm{.}70$ million. The income tax rate is $20\%.$

What is Donovan's basic earnings per share for $2024,$ rounded to the nearest cent?

Multiple Choice

a$.$ None of these answer choices are correct.

b$.$ $$8\mathrm{.}06$

c$.$ $$7\mathrm{.}83$