Sparkle Cleaners, Inc., had net income of $258,025 for its fiscal year ended September 30, 2017. During the year, the company had outstanding 12,000 shares of 8%, $50 par value preferred stock, and 135,500 shares of common stock. Calculate the basic earnings per share of common stock for the 2017 fiscal year.

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The Answer of Sparkle Cleaners, Inc., had net income of $258,025 for its fiscal year ended September 30, 2017. During the year, the company had outstanding 12,000 shares of 8%, $50 par value preferred stock, and 135,500 shares of common stock. Calculate the basic earnings per share of common stock for the 2017 fiscal year.