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The following information was taken from the books and records of Crane, Inc.: 1 . Net Income $ 4 9 7 , 2 0 0

The following information was taken from the books and records of Crane, Inc.:
1. Net Income $497,200
2. Capital structure:
a. Convertible 6% bonds. Each of the 340, $1,000 bonds is convertible into 50 shares of common stock at the present date and for the next 10 years. 340,000
b. $10 par common stock, 220,000 shares issued and outstanding during the entire year.
2,200,000
c. Stock warrants outstanding to buy 15,040 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 $Type your answer here

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