12. Thompson Rivers Brewery Co. had a net income of $770,000. On December 31 , the company had 410,000 outstanding common shares. However, the company issued 20,000 shares on March 1, and repurchased 15,000 shares on September 1. In addition to common shares, Thompson Rivers Brewery Co. had 10,000 preferred shares outstanding with a $1.50 annual dividend. These preferred shares are convertible into 2 shares each. a. Calculate basic earnings per common share for the year. b. Calculate diluted earnings per common share for the year