Grace Corp. had 100,000 common shares outstanding as of January 1, and declared a 1-for-2 reverse stock split on March 31. In addition, the company bought 5,000 shares for the treasury on August 31, and 2,000 shares of stock were issued on November 1 in exchange for legal services. The company also had 1,000 shares of 5%, $10 par, cumulative, nonconvertible preferred stock outstanding for the year. No common or preferred stock dividends were declared during the year. The company suffered a net loss for the year of $100,000. Required Compute basic EPS.