Tri Town Inc. had 32,800 common shares on January 1, 2021. On May 1, 3,360 common shares were repurchased and retired. On August 31 and November 30, 8,160 and 5,880 common shares were issued, respectively. Tri Town reported net income of $383,000. Tri Town also had 9,500 $3 noncumulative preferred shares, on which the dividend for the current year was declared and paid. Calculate the basic earnings per share. (Round answer to 2 decimal places, e.g. 15.25.)

Basic earnings per share