XYZ plc had issued share capital of 1 million ordinary shares on 1 January 2021, with the nominal value of 50p and the market value of 2 per share. On 31 March 2021, the company bought back 400,000 shares from the market. The company had a net income of 1.15 million in 2021 and paid out 150,000 preferred stock dividend. Required: Calculate the basic EPS for XYZ plc 31 December 2021, in accordance with best accounting practice