Speedway Inc. had 31,500 common shares on January 1, 2021. On May 1, 3,240 common shares were repurchased and retired. On August 31 and November 30, 9,600 and 5,640 common shares were issued, respectively. Speedway reported net income of $342,000. Speedway also had 9,400 $2 noncumulative preferred shares, on which the dividend for the current year was declared and paid. Calculate the basic earnings per share