USE THE FOLLOWING INFORMATION FOR QUESTIONS #7-10: Butterfly Corporation has the following information: Net income after tax and before conversion or exercise Weighted average common shares beginning of year before conversion or exercise $400,000 75,000 Total par value convertible bonds issued June 1 of current year Stated & market interest rate on bonds The total number of common shares that the bonds are convertible into Issued June 1 of the current year $1,500,000 6.00% 25,000 Total shares of cumulative preferred stock Par value per preferred share Dividend rate as a % par value The total number of common shares that the preferred stock is convertible into Outstanding as of the beginning of the year 30,000 $10.00 10.00% 5,000 Total stock options available to be exercised Exercise price of warrants Market price of common shares Issued October 1 of the current year 30,000 $20.00 $30.00 Tax rate 21% 7. What is the Basic Earnings Per Share? Enter as a positive number, rounded to two decimals places, and with no symbols