Hyde Corporation's capital structure at December 31, 2015 was as follows:

Shares Issued and OUtstanding

Common stock 100,000

Nonconvertible preferred stock 20,000

On July 2, 2016, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend fo $2 per share on its preferered stock. Net income for the year ended December 31, 2016 was $780,000 What should be Hydes 2016 basic earnings per share?