Emory Company had 80,000 shares of common stock outstanding at January 1. On May 1, Emory issued 21,500 additional shares of common stock. Outstanding all year were 30,000 shares of nonconvertible preferred stock on which a dividend of $3 per share was paid in December. Net income for the year was $300,000. What should Emory report as basic earnings per share for the year? $2.07 $2.23 $3.18 $3.75