Please answer the following question. Thank you very much for your assistance.

Ute Co. had 137 shares of common stock outstanding at January 1, Year 2. On October 1. Year 2, it issued 40 additional shares of common stock. Outstanding all year were 10 shares of nonconvertible cumulative preferred stock. Ute reported net income of $500 for the year ended December 31, Year 2. Ute paid $23 in preferred dividends during Year 2. In its December 31, Year 2, income statement, what amount should Ute report as basic earnings per share? (Round to the nearest penny