Basic and diluted earnings per share Bloodhound Corp. provides the following data for calendar 2020: Net Income...... $ 2,400,000 8% Cumulative Convertible Preferred Shares (no par) Convertible into 200,000 common shares adjusted for split on June 1...... $ 1,000,000 Stock Options Exercisable at the option price of $ 25 per share. Average market price in 2020 was $ 30 (market price and option price adjusted for split).... 60,000 shares Weighted Average Number of Common Shares..... 1,920,000 shares Instructions a) Calculate basic earnings per share for 2020./ b) Calculate diluted earnings per share for 2020