Norman's Cabinet, Inc., had net income of $213,400 for its fiscal year ended October 31, 2017. During the year, the company had outstanding 26,500 shares of 9%, $60 par value preferred stock, and 37,000 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 Norman's Cabinet, Inc., had net income of $213,400 for its fiscal year ended October 31, 2017. During the year, the company had outstanding 26,500 shares of 9%, $60 par value preferred stock, and 37,000 shares of common stock. Calculate the basic earnings per share of common stock for the 2017 fiscal year.