Duncan Ltd. has 750,000 ordinary shares of $4 each in issue throughout its financial year ended 31 December 2013. The following are the other particulars in 2014:

• 1 April 2014: New issue of 250,000 ordinary shares at full market price of $4;
• 1 September 2014: Bonus issue made of 3 for 5
• 1 November 2014: Rights Issue 1:5, exercise price $5.5; the market price before rights issue $6.50.
• 70,000 8.5% convertible preference shares of $10 each in issue from 01 August 2013. Each preference share is convertible into 2 ordinary shares.
• $4,000,000 10% convertible loan notes were in issue from 01 April 2013. Each $5 loan note is convertible into two ordinary shares.
• Options granted on 1 October 2013 to the company’s senior management giving them the right to subscribe for 600,000 ordinary shares at a cost of $6.5 each.

The statement of comprehensive income of Duncan for the year ended 31 December 2014 reports a net profit after tax of $928,500. Net profit after tax for 2013 is $750,000. Tax on profits is 30%. The average market price of Duncan’s ordinary shares was:

$8.5 for the year ended 31 December 2013.

$7.5 from January to September 2013

$7.0 from October to December 2013

$8 for the year ended 31 December 2014.

$8.5 from January to September 2014

$7.5 from October to December 2014

Required:

Calculate Duncan’s actual and restated basic and diluted earnings per share as would appear on the Income Statement for the year ended 31 December 2014.

Please show working out.