Information concerning the capital structure of Sandhill Corporation is as follows: In 2025, Sandhill paid dividends of $0.9 per share on its common stock and $3 per share on its preferred stock. The preferred stock is convertible into 29600 shares of common stock. The 5% convertible bonds are convertible into 75800 shares of common stock. The net income for the year ended December 31,2025 , was $403000. Assume that the income tax rate was 30%. What should be the basic earnings per share for the year ended December 31,2025? $1.60 $1.78 $2.80 $2.50