Net income was $$388,500$ for the year. Throughout the year the company had outstanding $5,000$ shares of $$6\mathrm{.}50,$$$100$ par value preferred stock and $80,000$ shares of common stock.

Required:

Calculate basic earnings per share of common stock for the year.

Note: Round "Earnings per share$-$basic" to $2$ decimal places.

$\backslash$table$[[$Net income,$],[$Less: Dividends on preferred stock,$],[$Net income available for common stockholders,$],[$Number of common share outstanding,$],[$Earnings per share $-$ basic,$]]$