Pharoah Corporation had net income for the current fiscal year of $852,000, and common shares outstanding of 80,000

Pharoah Corporation had net income for the current fiscal year of $852,000, and common shares outstanding of 80,000. There were no changes to Pharoah's common shares during the year. Pharoah also had outstanding a $1,000,000, 8% bond sold in a previous year that was convertible to 82,000 common shares. In addition, Pharoah sold a new bond on October 1 of the current year. The new bond was a $1,000,000, 12% bond, convertible to 76,800 shares. Pharoah was subject to a tax rate of 23%. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately).

1)Calculate Pharoah's basic earnings per share.