Austin Products reported $ 370,000 net income for the year with 100,000 common shares outstanding all year. Austin also had 60 ,000 shares of $100, 8% convertible preferred shares outstanding all year. Each preferred share is convertible into 10 shares of common stock. Determine the numerator for both basic and diluted EPS.

A. basic EPS $ 370,000 minus (60,000 x $100 x 8%); diluted EPS $ 370 comma 000 minus (50,000 x $100 x 8%)

B. basic EPS $ 370,000 ; diluted EPS $ 370,000

C. basic EPS $ 370,000 minus (60,000 x $100 x 8%); diluted EPS $ 370,000 + (50,000 x $100 x 8%)

D. basic EPS $ 370,000 minus (60,000 x $100 x 8%); diluted EPS $ 370,000