Wilcox Enterprises, a public company, is required to disclose earnings per share information in its financial statements for the year ended 31 December 20X6 . The facts about Wilcox's situation:

a. At the beginning of the year, 450,000 common shares, issued for \(\$ 5.75\) million, were outstanding. The authorized number of common shares is 1 million. On 1 January, 50,000, \(\$ 5\) cumulative preferred shares were also outstanding. They had been issued for \(\$ 500,000\).

b. On 30 September \(20 X 6\), Wilcox issued 100,000 common shares for \(\$ 1.5\) million cash.

c. Wilcox reported earnings of \(\$ 2.5\) million for the year ended 31 December 20X6.

d. At 1 January \(20 \mathrm{X} 6\), Wilcox had outstanding \(\$ 1\) million (par value) of \(8 \%\) convertible bonds ( \(\$ 1,000\) face value), with interest payable on 30 June and 31 December of each year. Each \(\$ 1,000\) bond is convertible into 65 common shares, at the option of the holder, at any time before 31 December 20X11.

e. Wilcox has options outstanding for 50,000 common shares at a price of \(\$ 5\) per share. The average market value of common shares during the period was \(\$ 20\).

f. Wilcox Enterprises has an effective tax rate of \(40 \%\).

Required:

Calculate the basic and diluted earnings per share figures for 20X6.