Net Income $384,000 Capital structure: a. Convertible 6% bonds. Each of the 320,$1,000 bonds is convertible into 50 shares of common stock at 320,000 the present date and for the next 10 years. 2,000,000 b. $10 par common stock, 200,000 shares issued and outstanding during the entire year. c. Stock warrants outstanding to buy 15,200 shares of common stock at $20 per share. 3. Other information: a. Bonds converted during the year None b. Income tax rate 30% c. Convertible debt was outstanding the entire year d. Average market price per share of common stock during the year $32 e. Warrants were outstanding the entire year f. Warrants exercised during the year None Compute basic earnings per share. (Round answer to 2 decimal places, e.g. 52.75.) Basic earnings per share eTextbook and Media (a2)