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Peters Corp.'s capital structure was as follows:
During Year 2, Peters paid dividends of $3.00 per share on its preferred stock. The preferred shares are convertible into 20,000 shares of common stock. The 8% bonds are convertible into 30,000 shares of common stock. Net income for Year 2 was $850,000. Assume that the income tax rate is 30%. The basic earnings per share for Year 2 is:
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