Russo Watches, Ltd. reported $ 1,625,000 net income for the current year. Russo has $ 5,000,000, 6% convertible debt issued at par and $ 320,000 par value, 4% nonconvertible, noncumulative preferred shares outstanding. The firm declared dividends for the current year. Russo issued the bonds on April 1 and the preferred shares were outstanding for the entire year. Based on this information, determine net income available to common shareholders for basic earnings per share.