Following is information taken from Teal Inc.'s December 31, 2018 balance sheet:

5% bonds payable, $6,600,000 maturing December 31, 2022,

each $1,000 bond convertible into 21 common shares$6,600,0008% bonds payable, $5,100,000, maturing December 31, 2020,

each $1,000 bond convertible into 28 common shares at any time up to December 31, 2018$5,100,000Cumulative preferred shares, $4, no-par value, convertible at

1 preferred share for 4 common shares, 48,000 shares outstanding$960,000Common shares, no par-value, 2,840,000 shares outstanding

Teal's net income for 2018 was $8,360,000, and the company was subject to an income tax rate of 20%. Both classes of bonds were outstanding the entire year, as were the preferred shares. The weighted-average number of common shares outstanding during the period was 3,710,000. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately).

Calculate Teal's basic EPS for 2018.(Round answer to 2 decimal places, e.g. 15.25.)

Basic EPS