The Bernard Corporation has the following elements in its capital structure at December 31, 2016: Preferred stock - issued in exchange for property on May 1, 2016; $4 par value; 120,000 shares issued, 5% annual dividend; potentially convertible into 11,580 shares of common stock in 2020. Common stock - $5 stated value; 50.000 shares issued and outstanding at January 1, 2016; 14,000 shares reacquired for the treasury on July 1, 2016. Stock options - exercisable in 2019 for 6,600 shares of common stock, at an exercise price of $8 per share; the cash that would be received with the hypothetical exercise of the options at December 31, 2016 would acquire 2,800 shares of common stock at the current average market rate of $6 per share. Net income for 2016 - $317,000. What earnings per share would The Bernard Corporation report for the year ended December 31, 2016