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Amy Dyken, controller at Tamarisk Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for Tamarisk's financial statements. Below is selected financial information for the fiscal year ended June 30, 2017.

TAMARISKPHARMACEUTICAL INDUSTRIES

SELECTED BALANCE SHEET

INFORMATION

JUNE 30, 2017

Long-term debtNotes payable,9%$1,000,000

8% convertible bonds payable5,060,000

9% bonds payable5,900,000

Total long-term debt$11,960,000

Shareholders' equityPreferred stock,6% cumulative, $50par value,103,000shares authorized,25,750shares issued and outstanding$1,287,500

Common stock, $1 par,9,900,000shares authorized,990,000shares issued and outstanding990,000

Additional paid-in capital4,070,000

Retained earnings6,060,000

Total shareholders' equity$12,407,500

The following transactions have also occurred at Tamarisk.

1.Options were granted on July 1, 2016, to purchase200,000shares at $15per share. Although no options were exercised during fiscal year 2017, the average price per common share during fiscal year 2017 was $20per share.2.Each bond was issued at face value. The8% convertible bonds will convert into common stock at50shares per $1,000bond. The bonds are exercisable after 5 years and were issued in fiscal year 2016.3.The preferred stock was issued in 2016.4.There are no preferred dividends in arrears; however, preferred dividends were not declared in fiscal year 2017.5.The990,000shares of common stock were outstanding for the entire 2017 fiscal year.6.Net income for fiscal year 2017 was $1,480,000, and the average income tax rate is40%.

For the fiscal year ended June 30, 2017, calculate the following for Tamarisk Pharmaceutical Industries.(Round answers to 2 decimal places, e.g. $2.45.)

(a)Basic earnings per share.

Basic earnings per share$

(b)Diluted earnings per share.

Diluted earnings per share