Assume that the following data relative to Columbus Company for 2025 is available:
Net Income	$2,100,000
Transactions in Common Shares		Change	Cumulative
Jan. 1, 2025, Beginning number			700,000
Mar. 1, 2025, Purchase of treasury shares		(60,000)	640,000
June 1, 2025, 50% Stock Dividend		320,000	960,000
Nov. 1, 2025, Issuance of shares		240,000	1,200,000
6% Cumulative Convertible Preferred Stock
Sold at par on January 1, 2025, convertible into 200,000 shares of common	$1,000,000
Stock Options
Exercisable at the option price of $25 per share. Average market price in 2025, $30 and 90,000 options outstanding since 2019.

Instructions

(a) Compute the basic earnings per share for 2025. (Round to the nearest penny.)

(b) Compute the diluted earnings per share for 2025. (Round to the nearest penny.)