Barskar Times Limited (Barskar Times) is South Africa's biggest newspaper. Established in 1956, the Barskar Times is distributed all over South Africa and in neighbouring countries such as Lesotho, Botswana. You have been approached by the CEO of Barskar Times Ltd to assist with calculation of Earnings per Share and Diluted Earnings per Share for the year ended 31 December 2022. He provided you with the following information:

1. Profit after tax from continuing activities as at 31 December 2022 was R15 million. The company discontinued operations in one of its branches and incurred an after-tax net loss of R500 000.

2. Ordinary shares in issue at 01 January 2022 were 36 million.

3. R10 million, 2% convertible bonds. The conversion terms being 100 ordinary shares per R1000 bond. The bond holder has an option to convert these bonds at any time before the expiry of the 10 year expiry date. 40% of the issue was converted on 31 April 2022 because the issue was called by the bond holder.

4. 500 000 convertible preference shares. The half year dividend of R2 per share, paid twice a year for shares outstanding at that date (31 June and 31 December). The conversion terms being 2 ordinary share for every convertible preference shares. Holders of convertible preference shares converted all their preference shares into ordinary shares on 31 September 2022.

5. On 1 April 2022, Barskar Times made a rights issue on one new share for every 4 shares held at R2.80 per share. The market price of ordinary shares of Barskar Times Ltd before issue was R3,80.

6. Barskar times identified an opportunity in a financially struggling newspaper company, The Daily Sun. The Daily Sun is a well-known newspaper company in Botswana. CEO started with preliminary negotiations to acquire the Daily Sun. On 1 September 2022, Barskar Times issued 22 million shares at market price in order to raise the much need funding.

7. On 30 October 2022, Barskar Times issued 100 000 compulsory convertible debentures. These debentures are convertible to ordinary shares on the 30 October 2025. Each debenture is convertible into one Ordinary shares.

8. Assume a tax rate of 28%

(a) Calculate the basic earnings per share of Barskar Times Ltd for the year ended 31 December 2022.

(b) Calculate the diluted earnings per share of Barskar Times Ltd for the year ended 31 December 2022.