Leeds Corp. (Leeds) had 700,000 common shares and 20,000 noncumulative preferred shares outstanding at January 1, 2021. Additional information is as follows: On September 1, 2021, Leeds issued 100,000 additional common shares. Net income for 2021 was $1,700,000. During 2021, Leeds declared and paid preferred dividends of $5 per share. Leeds is subject to tax at a rate of 40%. Throughout 2021, the average market price for each common share of Leeds was $52.

Required: Calculate the basic earnings per share for Leeds for the year ended December 31, 2021.