1. An analyst gathered the following information about a company whose fiscal year ends on 31 December:
·Net income for the year was $10.5 million
·Preferred stock dividends of $2 million were paid for the year.
·Common stock dividends of $3.5 million were paid for the year.
·20 million shares of common stock were outstanding on 1 January 2009.
·The company issued 6 million new shares of common stock on 1 April 2009.
·The capital structure does not include any potentially dilutive convertible securities, options, warrants, or other contingent securities.
The company's basic earnings per share for 2009 was closest to: