Minho Co. has Net Income of $650,000 for 2024. Over the past two years, the company had outstanding 70,000 shares of common stock. During the year, the company paid dividends on preferred stock in the amount of $80,000. The company has outstanding all year 20,000 shares of cumulative preferred stock. Each share of preferred stock is convertible into 5 shares of common stock. The company's tax rate is 20 percent.

What is the company's basic earnings per share?

a)

$9.29

b)

$5.70

c)

$8.14

d)

$3.82