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

Net income $2,760,000

Transactions in Common Shares

Change

Cumulative

Jan. 1, 2018, Beginning number

720,000

Mar. 1, 2018, Purchase of treasury shares

(61,200)

658,800

June 1, 2018, Stock split 2-1

658,800

1,317,600

Nov. 1, 2018, Issuance of shares

240,000

1,557,600

6% Cumulative Convertible Preferred Stock:

Sold at par, convertible into 210,000 shares of common (adjusted for split).

$1,050,000

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).

99,000

shares

A- Compute weighted average shares outstanding for 2018.

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

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