Crane Corporation is preparing earnings per share data for 2017. The net income for the year ended December 31, 2017, was $399,000 and there were 59,000 common shares outstanding during the entire year. Crane has the following two convertible securities outstanding:

11% convertible bonds (each $1,000 bond is convertible into 20 common shares)		$110,000
3% convertible $100 par value preferred shares (each share is convertible into 2 common shares)		$51,000

Both convertible securities were issued at face value in 2014. Cranes income tax rate is 21%. The preferred shares are cumulative. For simplicity, ignore the requirement to record the debt and equity components of the bonds separately. The above information does not reflect any conversion having taken place during 2017.

Assume that 50% of the convertible bonds were converted to common shares on April 1, 2017. Calculate Cranes basic earnings per share for 2017.