On January 1, 20X6, Gander Corp. had 1,008,000 common shares and 10,000, $100, 5% cumulative preferred shares outstanding. On June 1, 20X6, 21,000 common shares were issued (sold). On October 1, 20X6, Gander repurchased and cancelled 81,000 common shares. There was no change in the number of preferred shares outstanding throughout 20X6. Gander reported net income of $4,370,000 for 20X6. No dividends were paid in 20X6. What basic earnings per share (EPS) was reported for 20X6?

a. $4.28

b. $4.32

c. $4.37

d. $4.56