Computing Basic and Diluted Earnings per Share During the year, Park Corporation had 50,000 shares of $10 par value common stock and 10,000 shares of 8%, $50 par value convertible preferred stock outstanding. Each share of preferred stock may be converted into three shares of common stock. Park Corporation's net income was $440,000. Required a. Compute the basic earnings per share. (Round answer to two decimal places.) $ 0 b. Compute the diluted earnings per share. (Round answer to two decimal places.) $ 0