During 2015, Park Corporation had 50,000 shares of $10 par value common stock and 20,000 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 2015 net income was $550,000.

Required

a. Compute the basic earnings per share for 2015. (Round answer to two decimal places.) $

b. Compute the diluted earnings per share for 2015. (Round answer to two decimal places.) $