Braniff, Inc. reported net income of $850,000 for 2015. Braniff sold 15,000 shares of treasury stock acquired in a previous year on July 1 and 15,000 new shares on November 1. At yearend, 180,000 shares were outstanding. Braniff had 20,000 shares of preferred stock outstanding all year. Braniff paid dividends of $0.25 per share on common stocks and $6 per share on its preferred stock. a) Calculate the basic earnings per share for 2015? (Round to cents.) b) If each share of preferred stock is convertible into 2 shares of common stock, what is the diluted earnings per share for 2015? (Round to cents.)