The following information was taken from the books and records of Ivanhoe, Inc.:

1.		Net Income				$409,200
2.		Capital structure:
		a.		Convertible 6% bonds. Each of the 280, $1,000 bonds is convertible into 50 shares of common stock at the present date and for the next 10 years.		280,000
		b.		$10 par common stock, 220,000 shares issued and outstanding during the entire year.		2,200,000
		c.		Stock warrants outstanding to buy 14,560 shares of common stock at $20 per share.
3.		Other information:
		a.		Bonds converted during the year		None
		b.		Income tax rate		30%
		c.		Convertible debt was outstanding the entire year
		d.		Average market price per share of common stock during the year		$32
		e.		Warrants were outstanding the entire year
		f.		Warrants exercised during the year		None

(a1)

Compute basic earnings per share. (Round answer to 2 decimal places, e.g. 52.75.)

Basic earnings per share

$

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