Vaughn Manufacturing had 192000 shares of common stock, 19500 shares of convertible preferred stock, and $603000 of 12% convertible bonds outstanding during 2021. The preferred stock is convertible into 39200 shares of common stock. During 2021, Vaughn paid dividends of $0.56 per share on the common stock and $1.80 per share on the preferred stock. Each $1,000 bond is convertible into 45 shares of common stock. The net income for 2021 was $365000 and the income tax rate was 35%. Basic earnings per share for 2021 is (rounded to the nearest penny)

$1.23.

$1.48.

$1.43.

$1.72.