Kramer Inc. had 99 million shares of common stock, 1 million shares of 7%, $100 par, cumulative preferred stock, and 1 million shares of 9%, $100 par, noncumulative preferred stock outstanding at the end of 2015 and 2016. No dividends were declared or paid on common stock in either year. In 2016, a $3.4 million dividend was paid on the 7% preferred stock and a $4.4 million dividend was paid on the 9% preferred stock. Net income for 2016 was $304 million. The company's tax rate is 30%.

Required:

Compute basic earnings per share for the year ended December 31, 2016. (Round your answer to 2 decimal places.)