Homer Watches, Ltd. reported $1,635,000 net income for the current year. Homer has $5,350,000, 7% convertible debt issued at par and $410,000 par value, 3% nonconvertible, noncumulative preferred shares outstanding. The firm declared dividends for the current year. Homer issued the bonds on April 1 and the preferred shares were outstanding for the entire year. Based on this information, determine net income available to common shareholders for basic earnings per share.