Collin Corporations capital structure was as follows:

December 31

Year 4	Year 5
Outstanding shares of stock:
Common	200,000	200,000
Convertible preferred	10,000	10,000
Debt Outstanding:
9% convertible bonds(issued at par)	$ 10,000,000	$ 10,000,000

During Year 5, Collins paid dividends of $3 per share on its preferred stock. The preferred shares are convertible into 20,000 shares of common stock, and the 9% bonds are convertible into 300,000 shares of common stock. Assume that the income tax rate is 30%.

If net income for Year 5 is $3,500,000,calculate Collins basic and diluted earnings per share for that year?