Question 11 4 pts Pecan Co. had 250,000 shares of common stock, 50.000 shares of cumulative convertible preferred stock and $1,800,000 of 5% convertible bonds outstanding during 2020. The preferred stock is convertible into 75,000 shares of common stock. During 2020, Pecan paid dividends of $0.90 per share on the common stock and $2.25 per share on the preferred stock. Each $1,000 bond is convertible into 25 shares of common stock. The net income for 2020 was $800,000 and the income tax rate was 30%. What is the 2020 basic earnings per share? $1.85 $2.30 $2.29 $2.75