Colt Corporation purchased Massey Inc. and agreed to give stockholders of Massey Inc. 50,000 additional shares in 2012 if Massey Inc.'s net income in 2011 is $400,000 or more; in 2010 Massey Inc.'s net income is $410,000. Colt has net income for 2010 of $800,000 and has an average number of common shares outstanding for 2010 of 500,000 shares. What should Colt report as earnings per share for 2010? Basic Earnings Diluted Earnings Per Share Per Share a. $1.60 $1.60 b. $1.45 $1.60 c. $1.60 $1.45 d. $1.45 $1.45