Effect of share options on diluted earnings per share   LO4 Xenia Ltd determines its profit attributable to ordinary shareholders for the reporting period ended 30 June 2020 as $96 000. The company has calculated its weighted average number of ordinary shares on issue during the period as 480 000. The weighted average number of shares under share options arrangements during the period is 24 000. The average market price of the entity’s shares during the period is $2.40 per share, and the exercise price of shares under option is $1.50. Required Prepare a schedule setting out the calculation of basic earnings per share and diluted earnings per share.