Richetti Inc. had 31,300 common shares on January 1, 2018. On May 1, 3,000 common shares were reacquired and retired. On August 31 and November 30, 9,000 and 6,120 common shares were issued, respectively. Richetti reported net income of $352,000. Richetti also had 10,500 $3 cumulative preferred shares, on which the dividend for the current year was declared and paid. Calculate the basic earnings per share. (Round answer to 2 decimal places, e.g. 15.25.)