The average share price for Pecks common shares during 2023 and the share price at December 31, 2023 was $12 per share.

For all of 2023, there were 30,000, $3, cumulative preferred shares outstanding. These preferred shares are each convertible into 10 common shares (adjusted for the stock dividend) at the option of the holder. None have been converted by December 31, 2023. The preferred share dividend was not declared in 2023.

For all of 2023, there were $1,200,000 of 6% convertible bonds outstanding. These bonds had been issued at par. Each $1,000 of bonds is convertible into 100 common shares at the option of the holder. None have been converted by December 31, 2023.

The income tax rate is 25%.

Pecks had written/sold options on its common stock in 2023. The holders of the options can buy, from Bombardier, 35,000 common shares of Bombardier common shares at $10 per share. No options have been exercised by December 31, 2023.

Required:

Calculate basic Earnings Per Share (EPS) Round to the nearest cent.