The following data relate to Chaney Company for the current year; year end being December 31. 20,000 shares of common stock outstanding at the beginning of the year July 1 - issued 5,000 shares of common stock October 1 - declared 2-for-1 stock split $4,000 in preferred dividends paid during the past year $80,000 net income Average market price on common stock during the past year, $18 Year-end market price on common stock, $20 Required: Compute the basic earnings per share.