Assume that the following data relative to Kane Company for 2021 is available: Net Income $2,100,000 Change Cumulative 700,000 Transactions in Common Shares Jan. 1. 2021, Beginning number Mar. 1, 2021. Purchase of treasury shares June 1, 2021. Stock split 2-1 Nov. 1, 2021, Issuance of shares (60,000) 640,000 640,000 1,280,000 240,000 1,520,000 6% Cumulative Convertible Preferred Stock Sold at par, convertible into 200,000 shares of common (adjusted for split). $1,000,000 Stock Options Exercisable at the option price of $25 per share. Average market price in 2021. $30 (market price and option price adjusted for split). 90,000 shares Instructions (a) Compute the basic earnings per share for 2021. (Round to the nearest penny.) (b) Compute the diluted earnings per share for 2021. (Round to the nearest penny.)