Bossie, Inc. had 950,000 shares of common stock, 10,000 shares of 6%, $100 par, cumulative preferred stock, and 10,000 shares of 8%, $100 par, noncumulative preferred stock outstanding at the end of 2013 and 2014. No dividends were declared or paid on common stock in either year. In 2014, a $30,000 dividend was paid on the 6% preferred stock and a $40,000 dividend was paid on the 8% preferred stock. Net income for 2014 was $3,000,000 million. The company's tax rate is 30%.
Instructions:
Compute basic earnings per share (rounded to 2 decimal places) for the year ended December 31, 2014.