During 2015, 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 four shares of common stock. Park Corporations 2015 net income was $440,000. Basic EPS and Diluted EPS are respectively as follows:

a. ) $8.20 and $5.50

b.) $8.20 and $4.89

c.) $8.00 and $5.50

d. ) $8.00 and $4.89

and explanation please...