On January 1, 2018, Algerian Delivery had 100,000 shares of common stock outstanding. The following transactions occurred during 2018: March 1: Reacquired 2,700 shares, accounted for as treasury stock. September 30: Sold all the treasury shares. December 1: Sold 11,700 new shares for cash. December 31: Reported a net income of $294,750. Required: Calculate Algerian Delivery's basic earnings per share for the year ended December 31, 2018. (Round your answer to 2 decimal places.)