TamariskHorizon Corp had the following items, all of which were outstanding throughout the entire fiscal year ending September 30, 2018:

860,000common shares300,000$3cumulative, no-par value preferred sharesOptions to purchase100,000common shares at $12per share. The average market price ofTamarisks common shares during the year was $21per share. None of the options were exercised or expired during fiscal 20189% bond with a face value of $1,900,000, convertible to49,000common shares.

Tamarisks net income for fiscal 2018 was $7,700,000, and its tax rate was 15%. Preferred

Tamarisk Horizon Corp had the following items, all of which were outstanding throughout the entire scal year ending September 30, 2018: 0 860,000 common shares . 300,000 $3 cumulative, nopar value preferred shares 5 Options to purchase 100,000 common shares at $12 per share. The average market price of Tamarisk's common shares during the year was $21 per share. None of the options were exercised or expired during scal 2018 o 9% bond with a face value of $1,900,000, convertible to 49,000 common shares. Tamarisk's net income for scal 2018 was $7,700,000, and its tax rate was 15%. Preferred dividends had been paid in all previous scal years. 7 (a) Calculate Tamarisk's basic earnings per share for the year. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately). (Round answer to 2 decimal places, e.g. 15.25.) Basic earnings per share $1