On December 31, 2021, Sandhill Ltd had 210,000 weighted average common shares outstanding and 55,000 preferred shares outstanding. Sandhills preferred shares are $4, cumulative preferred shares. There were no changes to the number of preferred shares outstanding during the year. No dividends were declared or paid in 2021 or 2020, although dividends were paid on preferred shares in 2019. Sandhill had a net income of $2,488,000 for the year ended December 31, 2021. Calculate Sandhills basic earnings per share.