Calculating Earnings per Share During 2016, Mayfair Enterprises had the following securities outstanding: 1.250,000 shares of common stock with an average market price of $25 per share. 2.9.5% convertible preferred, which had been sold at its par value of $100. The preferred stock is convertible into three shares of common stock and 3,000 preferred shares are currently outstanding. During 2016, Mayfair Enterprises earned net income after income taxes of $3.2 million. (a) Calculate the basic earnings per share for Mayfair Enterprises for 2016. HINT: For basic EPS, remember to reduce net income by the preferred stock dividend. Round answer two decimal places. (b) Calculate the diluted earnings per share for Mayfair Enterprises for 2016. HINT: For diluted EPS, remember to include additional shares (converted to common stock) in total number of shares outstanding. Round to two decimal places