On January 1, 20X1, Altamont Company had 200,000 shares of common stock and 20,000 shares of 5 percent, $100 par value cumulative preferred stock outstanding. No new shares were issued during 20X1. No dividends were declared on either the preferred or common stock in 20X1. Net income for 20X1 was $1,000,000. What is basic earnings per common share for 20X1? $5.00 $4.50 $4.09 $5.50