During 2018 , 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 three shares of common stock. Park Corporation's 2018 net income was \$440,000. a. Compute the basic earnings per share for 2018. b. Compute the diluted earnings per share for 2018