Assume that the following data relative to Eddy Company for 2018 is available: Net Income $1,400,000 Change Transactions in Common Shares Jan 1, 2018, Beginning number Mar. 1, 2018, Purchase of treasury shares June 1, 2018, Stock split 2-1 Nov. 1, 2018, Issuance of shares (60,000) 440,000 120,000 Cumulative 500,000 440,000 880,000 1,000,000 8% Cumulative Convertible Preferred Stock Sold at par, 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 2018, $30 60,000 shares Compute the basic earnings per share and the diluted earnings per share for 2018