Colson Corp. had a $500,000 net income in 2018. On January 1, 2018, there were 200,000 ordinary shares outstanding. On April 1, 20,000 shares were issued and on September 1, Adcock bought 30,000 treasury shares. There are 30,000 options to buy ordinary shares at $40 a share outstanding. The market price of the ordinary shares averaged $50 during 2018. The tax rate is 40%. During 2018, there were 40,000 shares of convertible preference shares outstanding. The preference is $100 par, pays a $3.50 a year dividend, and is convertible into three ordinary shares. Colson issued $2,000,000 of 8% convertible bonds at face value during 2010. Each $1,000 bond is convertible into 30 ordinary shares.

Compute basic and diluted earnings per share for 2018. Show all computations clearly.