Amy Dyken, controller at Crane Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and

diluted earnings per share and the related disclosure for Crane's financial statements. Below is selected financial information for the

fiscal year ended June $30,2025.$

Crane Pharmaceutical Industries

Selected Balance Sheet Information

June $30,2025$

Long$-$term debt

Notes payable, $11\%$

Shareholders' equity

Preferred stock, $5\%$ cumulative, $$50$ par value, $97,000$ shares authorized, $24,250$ shares issued and outstanding

The following transactions have also occurred at Crane.

Options were granted on July $1,2024,$ to purchase $220,000$ shares at $$15$ per share. Although no options were exercised

during fiscal year $2025,$ the average price per common share during fiscal year $2025$ was $$20$ per share.

Each bond was issued at face value. The $9\%$ convertible bonds will convert into common stock at $50$ shares per $$1,000$ bond.

The bonds are exercisable after $5$ years and were issued in fiscal year $2024.$

The preferred stock was issued in $2024.$

There are no preferred dividends in arrears; however, preferred dividends were not declared in fiscal year $2025.$

The $990,000$ shares of common stock were outstanding for the entire $2025$ fiscal year.

Net income for fiscal year $2025$ was $$1,480,000,$ and the average income tax rate is $20\%.$

For the fiscal year ended June $30,2025,$ calculate the following for Crane Pharmaceutical Industries. $($Round answers to $2$ decimal places,

e$.$g$.2\mathrm{.}45.)$

a$.$ Basic earnings per share.

Basic earnings per share $

b$.$ Diluted earnings per share.