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

Net Income $$1,100,000$

Jan. $1,2015,$ Beginning number of common shares $500,000$

Transactions in Common Shares in $2015$

On April $1,$ the corporation purchased on the market $60,000$ of its own outstanding shares. On July $1,$ the corporation declared and issued a $2-$for$-1$ stock split. On October $1,$ the corporation issued $110,000$ new shares to raise additional capital. On December $1,$ the corporation issued $10\%$ stock dividends.

Assume that the company did not issue any dilutive securities$.$

$($a$)$ Compute the weighted average shares outstanding during the year $2015.$

$($b$)$ Compute the basic earnings per share for $2015.($Round to the nearest penny.$)$