Snell Co. had 300,000 shares of common stock issued and outstanding at December 31, Year 2. No common stock was issued during Year 3. On January 1, Year 3, Snell issued 200,000 shares of nonconvertible preferred stock. During Year 2, Snell declared and paid $75,000 of cash dividends on the common stock and $60,000 on the preferred stock. Net income for the year ended December 31, Year 3, was $330,000. What is Snell's Year 3 basic earnings per share? $0.65 $0.85 $0.90 $1.10