During 2024, Donovan Corporation had 950,000 shares of common stock and 75,000 shares of 4% preferred stock outstanding. The preferred stock does not have cumulative or convertible features. Donovan declared and paid cash dividends of $350,000 and $175,000 to common and preferred shareholders, respectively, during 2024. On January 1, 2023, Donovan issued $2,050,000 of convertible 3% 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 $6.75 million. The income tax rate is 25%. What is Donovan's basic earnings per share for 2024, rounded to the nearest cent