On December 31, 2019, the Meisenhelder Company had 250,000 shares of common stock issued and outstanding. On March 31, 2020, the company sold 50,000 additional shares for cash. Meisenhelder's net income for the year ended December 31, 2020 was $700,000. During 2020, Meisenhelder declared and paid $80,000 in cash dividends on its nonconvertible preferred stock. What is the 2020 basic earnings per share (rounded)?