Do not copy-paste answers from Chegg as they are not correct. I need proper calculations that have been done to derive the answer. The answers available with calculations are wrong. In case the answer is a copy posted I will report and give a thumbs down.

Jamison, Inc., had 450,000 shares of common stock issued and outstanding at January 1. On July 1, an additional 50,000 shares of common stock

were issued for cash. In November, Jamison purchased 12,000 shares of its own stock for $22 each, anticipating an upcoming exercise of options.

Jamison had two potentially dilutive securities:

a) 20,000 shares of 5% convertible, cumulative $100 par value preferred stock were outstanding all year. Each share of preferred stock is convertible

into four shares of common stock.

b) Jamison had $1,000,000 of 6% convertible bonds. Bond interest expense each year is decreased by $1,000 amortization of the premium. Each $1,000

bond is convertible into 30 shares of common stock.

Jamison also had unexercised stock options to purchase 40,000 shares of common stock at $15 per share outstanding at the beginning and end of the year.

The average market price of Jamisons common stock was $20 during the year. If net income is $1,250,000, and the tax rate is 21%, what will Jamison report

as basic and diluted earnings per share for the year ended December 31?