Question - Crystal Arts, Inc., had earnings of $408,700 for 2016. The company had 46,000 shares of common stock outstanding during the year. In addition, the company issued 3,500 shares of $50 par value preferred stock on January 3, 2016. The preferred stock has a dividend of $9 per share. There were no transactions in either common or preferred stock during 2016.
Determine the basic earnings per share for Crystal Arts. Round answer to two decimal places.