A company had 400,000 common shares outstanding during 2020. It also had 100,000 shares of 8%, $100 par nonconvertible and cumulative preferred stock outstanding for the entire year of 2020. The company did not declare and pay a preferred dividend in 2019 and 2020. It earned net income of $16,000,000 during 2020. Compute basic earnings per share for 2020. Round to the nearest penny if necessary.