During 2021, Piper paid dividends of $0.80 per share on its common stock and $2.00 per share on its preferred stock. The preferred stock is convertible into 30,000 shares of common stock. The 6% convertible bonds are convertible into 75,000 shares of common stock. The net income for the year ended December 31, 2021, was $400,000. Assume that the income tax rate was 30%.

What should be the basic earnings per share for the year ended December 31, 2021, rounded to the nearest penny? ______

A) $2.47 B) $1.67 C) $2.67D) $1.87