Prudent Manufacturing reported a net income of $925,000 for its fiscal year ended December 31, 2024. On January 1, 2024, there were 120,000 shares of common stock outstanding. On September 30, 2024, the company issued an additional 45,000 shares. The company has 42,000 shares of 6%, $25 par value preferred stock that were outstanding for the entire year. Calculate the basic earnings per share of common stock for the year ended December 31, 2024.

Prudent Manufacturing reported a net income of $925,000 for its fiscal year ended December 31, 2024. On January 1, 2024, there were 120,000 shares of common stock outstanding. On September 30, 2024, the company issued an additional 45,000 shares. The company has 42,000 shares of 6%, $25 par value preferred stock that were outstanding for the entire year. Calculate the basic earnings per share of common stock for the year ended December 31, 2024.