On January 1, the company had 100,000 common shares outstanding. On April 1, the company issued 30,000 additional shares. On August 1, the company performed a 2-for-1 stock split. The company also had 10,000 shares of 8%, $50 par preferred stock outstanding throughout the year. The company declared the required preferred dividend during the year. Net income for the year was $300,000. Compute basic earnings per share.