A company had the following capital structure: December 31 2021 2020 Convertible preferred shares outstanding 10,000 shares 10,000 shares Common shares outstanding 200,000 shares 200,000 shares 9% convertible bonds $ 2,000,000 $ 2,000,000 In 2021, the company paid dividends of $ 1.00 per common share and $ 2.50 per preferred share. The preferred shares are non-cumulative, and convertible into 20,000 common shares. The 9% convertible bonds are convertible into 40,000 common shares. Net income for calendar 2021 was $ 750,000. Assume the income tax rate is 30%. a) What is the basic earnings per share for 2021? b) What is the diluted earnings per share for 2021? c) What would be the diluted earnings per share for 2021 if the convertible preferred shares were convertible into 50,000 common shares