8. On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2018, Jackson purchased 24,000 shares of common stock on the open market as Treasury stock for $35 per share. Jackson sold 6,000 treasury shares on September 30, 2018 for $37 per share. Net income for 2018 was $180,905. 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 $39 during 2018. Required: Compute Jackson's basic and diluted earnings per share (rounded to two decimal places) for 2018