A company has outstanding $350,000 of 8% convertible bonds due in five years. Each $1,000 convertible bond is convertible into 40 shares of common stock. Net income for the year was $2,240,000. Common shares outstanding for the year were 800,000 . The relevant tax rate is 25%. a. Compute basic earnings per share. b. Compute diluted earnings per share. Note: Enter the earnings per share amounts in dollars and cents, rounded to the nearest penny