Assume that the following data relative to Kane Company for 2015 is available:

Net Income $2,700,000

Transactions in Common Shares Change Cumulative

Jan. 1, 2015, Beginning number 650,000

Mar. 1, 2015, Purchase of treasury shares (48,000) 602,000

June 1, 2015, Stock split 2-1 602,000 1,204,000

Nov. 1, 2015, Issuance of shares 204,000 1,408,000

8% 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 2015, $30 (market price and option price adjusted for split). 75,000 shares

(A) Compute weighted-average shares outstanding for 2015.

Weighted-average shares outstanding

(B) Compute the basic earnings per share for 2015. (Round answer to 2 decimal places, e.g. 52.75.)

Basic earnings per share $

(C) Compute the diluted earnings per share for 2015. (Round answer to 2 decimal places, e.g. 52.75.)

Diluted earnings per share $