Net Income (after tax) $10,500,000 Preferred Stock: 100,000 shares outstanding, $100 par, 8% CUMULATIVE, noncovertible $10,000,000 Common Stock: 1. Shares outstanding on January 1: 800,000 2. On June 1 the Company issued 100,000 more shares for cash 3. On October 1, the Company issued 360,000 shares as part of a 40% stock dividend 4. On December 1, the Company purchased 80,000 shares as treasury shares Required: Please calculate basic earnings per share