The following information pertains to Medallion Company for the year $2013$

Net Income for the year $$2,400,000$

$8\%$ convertible bonds, issued at par $($$$1,000$ per bond$).$

Each bond convertible into $30$ shares of common. $($Bonds are outstanding at year end$)$ $$4,000,000$

$6\%$ cumulative preferred stock, $$100$ par value, $($None converted during the year$)$ $$6,000,000$

Common Stock Issued and Outstanding, $$10$ Par Value $$12,000,000$

Additional Information:

Average Market price of common stock $($per share$)$ $$25$

Option Price $($to purchase shares$)$ $$20$

Number of share to purchase $($under options$)150,000$

Income Tax Rate $32\%$

Note: There were no changes during the year on the number of common shares, preferred shares or convertible bonds outstanding. There is no treasury stock. As noted above, the company has common stock options outstanding $($granted in a previous year$)$ to purchase $150,000$ shares of common stock at $$20$ per share

Note the requirements below $-$ Round your answer to two decimal places.

Required:

A$]$ Calculate the Basic $($Simple$)$ Earnings per Share