The following figures are extracted from the financial statements of AD Inc., a publicly listed company, for the year ended December 31, Year 1: Income before tax $4,567,000 Tax expense (1,213,000) Income for the period $3,354,000 Dividends declared and paid in the year were as follows: Common $490,000 Non-cumulative preferred 164,000 Total $654,000 There were 11,000,000 common shares outstanding as at January 1, Year 1. An additional 400,000 common shares were issued for cash on September 30, Year 1. All preferred and common shares are included in equity. Required: Calculate ADs basic earnings per share (EPS) for Year 1.