Dugway Company's net income for the year was $30,000. During the year, Dugway declared and paid $3,000 in cash dividends on preferred stock and $5,250 in cash dividends on common stock. At December 31, 36,000 shares of common stock were outstanding, 30,000 of which had been issued and outstanding throughout the year and an additional 6,000 of which were issued on July 1. There were no other common stock transactions during the year. What is Dugway's basic earnings per common share for the year?

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