During 2015, Park Corporation had 50,000 shares of $10 par value common stock and 20,000 shares of 8%, 50 par value convertible perferred stock outstanding. Each share of perferred stock my be converted into three shares of common stock. Park Corporations 2015 net income was 550,000.

1. compute the basic earnings per share for 2015.

2. compute the diluted earnings per share for 2015.

please include explaning and how you got the answer.