Cullumber Corporation earned $267,000 during a period when it had an average of 100,000 shares of common stock outstanding. The common stock sold at an average market price of $18 per share during the period. Also outstanding were 14,100 warrants that could be exercised to purchase one share of common stock for $12 for each warrant exercised. (a) Are the warrants dilutive?

NoYes

(b) Compute basic earnings per share. (Round answer to 2 decimal places, e.g. $2.55.)

Basic earnings per share

$

(c) Compute diluted earnings per share. (Round answer to 2 decimal places, e.g. $2.55.)

Diluted earnings per share

$