3. 3.000 . In 2020 Our Company had Net Income of $550,000 On 1/1/20, there were 100,000 shares of common stock outstanding. On 4/1/20, we issued 36,000 shares of common stock. On 6/1/20, we issued 24,000 shares of $100 par value, 6% cumulative preferred stock. This preferred stock is convertible into 48,000 shares of common stock On 9/1/20, we issued $6,000,000 of 4% bonds at par. These bonds are convertible into 48,000 shares of common stock. The marginal tax rate is 25% In addition, there are 90,000 options outstanding at 12/31/20 Each option entitles the holder to exchange it for share of common stock at an exerche price of $20 per share The average market price for common stock for 2020 was $50. Be sure to show your calculations! Answer: Required: How much is Basic Earnings Per Share? How much is Diluted Earnings Per Share