On January 1, Kennard Corp. had 4 million shares of common stock and 300,000 shares of preferred stock outstanding. On April 1, Kennard repurchased 490,000 shares of common stock for cash. On October 1, Kennard issued a 3-for-1 stock split on its common stock.

During the year, Kennard reported $54 million of net income and in December paid dividends of $0.91 per common share and $6.00 per preferred share.

What is Kennard's basic earnings per share?