Sunland Company had 203000 shares of common stock, 20100 shares of convertible preferred stock, and $607000 of 10% convertible bonds outstanding during 2021. The preferred stock is convertible into 40100 shares of common stock. During 2021, Sunland paid dividends of $0.56 per share on the common stock and $1.70 per share on the preferred stock. Each $1,000 bond is convertible into 45 shares of common stock. The net income for 2021 was $361000 and the income tax rate was 25%. Basic earnings per share for 2021 is:_____________.
a. $1.57
b. $1.61
c. $1.32
d. $1.52.