E16-11 Primary and fully diluted earnings per share (L.O. 5) Truman, Inc., had the following stock outstanding throughout the year Common stock, $1 par, 500,000 shares 8% preferred stock, $100 par, 10,000 shares $500,000 1,000,000 Each share of preferred is convertible into 30 shares of common stock. Net income for the year totaled $400,000. 3.64 a Compute primary earnings per share.. b Compute fully diluted earnings per share. 0.5