During 2024, M. Anderson Incorporated had 500,000 shares of common stock and 50,000 shares of 6% cumulative preferred stock outstanding. The preferred stock has a par value of $100 per share. M. Anderson did not declare or pay any dividends during 2024. M. Anderson's net income for the year ended December 31, 2024, was $2.5 million. The income tax rate is 25%. M. Anderson granted 10,000 stock options to its executives on January 1 of this year. Each option gives its holder the right to buy 20 shares of common stock at an exercise price of $29 per share. The options vest after one year. The market price of the common stock averaged $30 per share during 2024. What is M. Anderson's basic earnings per share for 2024, rounded to the nearest cent?