Hudson Motors reported $535,000 net income for the current year. Beginning common shares outstanding were 190,000. Hudson also had 10,000, 6% nonconvertible, cumulative, $100 par value preferred shares outstanding for the entire year. No cash dividends were declared. Compute basic earnings per share. (Round your answer to the nearest cent.) $2.81 $2.50 $2.82 $2.38