During 2018, Pina Inc., a furniture store, issued two different series of bonds, details of which follow:

First issue: 670 $100, 10% bonds, at par, each convertible into 6 common shares.

Second issue: 390 $100, 7% bonds, at par, each convertible into 3 common shares.

For the year ended December 31, 2020, the company had net income of $53,850. Throughout 2020, 2,500 common shares were outstanding; none of the bonds were converted or redeemed. The companys tax rate was 19%. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately).

1. Calculate basic earnings per share for the year ended December 31, 2020.

2. Calculate diluted earnings per share for the year ended December 31, 2020.