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

Net Income

$$426,800$

Capital structure:

a$.$ Convertible $6\%$ bonds. Each of the $300,$$$1,000$ bonds is convertible into $50$ shares of common stock at $300,000$ the present date and for the next $10$ years.

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.

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

$($a$1)$

Compute basic earnings per share. $($Round answer to $2$ decimal places, e$.$g$.52\mathrm{.}75.)$