During its fiscal year. Morey Corporation had outstanding 600,000 shares of $6.50 preferred stock and 2.000,000 shares of common stock. Morey's net income for the year was $ 19.550.000. The company also had granted stock options to employees for 200,000 shares of common stock at $10 per share (exercise price). The average price of the company's common stock during the fiscal year was $20 per share. Required: Calculate the company's basic earnings per share. Calculate the company's diluted earnings per share