During 2021, Falwell Inc. had 550,000 shares of common stock and 55,000 shares of 9% cumulative preferred stock outstanding. The preferred stock has a par value of $100 per share. Falwell did not declare or pay any dividends during 2021.

Falwell's net income for the year ended December 31, 2021, was $3.0 million. The income tax rate is 25%. Falwell granted 12,500 stock options to its executives on January 1 of this year. Each option gives its holder the right to buy 25 shares of common stock at an exercise price of $34 per share. The options vest after one year. The market price of the common stock averaged $35 per share during 2021.

What is Falwell's basic earnings per share for 2021, rounded to the nearest cent?