2. (14 points) On December 31, 2019, Bison Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. Bison issued 10,000 common stock for $35 per share on February 28. On April 1, 2020, Bison purchased 24,000 shares of common stock on the open market as treasury stock paying $40 per share. Bison issued a 10% stock dividend on June 1, 2020. Net income for 2020 was $380,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 50,000 common shares at $40. The market price of the common shares averaged $50 during 2020. The options were exercised on August 31, 2020. Note: the stock option amounts have been adjusted for stock dividend. Required: Compute Bison's basic and diluted earnings per share (rounded to 2 decimal places) for 2020.