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 $8.70 million. The income tax rate is 20%. What is Donovan's basic earnings per share for 2024, rounded to the nearest cent? Multiple Choice $8.06 $7.83 None of these answer choices are correct. $8.28