Rodgers Corporation reported basic earnings per share of $1.25 for the year ended December 31, 2016. Rodgers had 8,000 shares of cumulative, nonconvertible $100 par, 12% preferred stock outstanding during all of 2016. The company began 2016 with 200,000 shares of common stock outstanding and ended the year with 400,000 share of common stock outstanding, due to issuing 200,000 shares on July 1, 2016.

Required:

Determine Rodgers' net income for 2016.

$____________