Question: On January 1, 2016, Bailey, Inc. had 102,412 shares of common stock outstanding. The following transactions occurred during 2016: March 1: Reacquired 24,000 shares,

On January 1, 2016, Bailey, Inc. had 102,412 shares of common stock

On January 1, 2016, Bailey, Inc. had 102,412 shares of common stock outstanding. The following transactions occurred during 2016: March 1: Reacquired 24,000 shares, accounted for as treasury stock. September 30: Sold all the treasury shares. December 1:Sold 18,000 new shares for cash. December 31 Reported a net income of $233,995. Calculate Bailey's basic earnings per share for the year ended December 31, 2016. (Round your answer to 2 decimal places.)

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