Assume that the following data relative to Kane Company for 2018 is available:

Net Income					$2,700,000
Transactions in Common Shares		Change			Cumulative
Jan. 1, 2018, Beginning number					650,000
Mar. 1, 2018, Purchase of treasury shares		(48,000)			602,000
June 1, 2018, Stock split 2-1		602,000			1,204,000
Nov. 1, 2018, Issuance of shares		204,000			1,408,000
6% Cumulative Convertible Preferred Stock
Sold at par, convertible into 180,000 shares of common (adjusted for split).					$900,000
Stock Options
Exercisable at the option price of $25 per share. Average market price in 2018, $30 (market price and option price adjusted for split).					75,000	shares

1. Compute weighted average shares outstanding for 2018.

Weighted average shares outstanding =

2. Compute the basic earnings per share for 2018. (Round answer to 2 decimal places, e.g. 52.75.)

Basic earnings per share =

$

3. Compute the diluted earnings per share for 2018. (Round answer to 2 decimal places, e.g. 52.75.)

Diluted earnings per share =

$