3 [15 marks] As of January 1, 2018, Omega Ltd. had the following equity instruments: Ordinary shares: 80,000,000 shares with the par value of $1.00 per share. Stock options: Granted to top executives to purchase a total of 9,000,000 ordinary shares, with the exercise price at $5.00 per share. The following information is related to Omega Ltd. during 2018. . March 31, 2018: 1-for-2 rights issue at $6.00 for each share. The market price was $9.00 on the trading day immediately prior to the rights issue. June 30, 2018: Issuing 500,000 convertible 5% preference shares of $2.00 per share. One preference share can be converted into ordinary shares based on the following conversion. terms. Conversion date Number of ordinary shares June 30, 2019 20 June 30, 2020 16 . The average market price of ordinary shares during 2018 was $6.00 per share. No options were exercised by the end of the year. The net profit attributable to ordinary shareholders was $61,875,000 for the year ended December 31, 2018. Tax rate is 30% when applicable. Required: Calculate basic and diluted earnings for the year 2018