Glacier Stamping began the current year with 470,000 common shares outstanding and issued an additional 240,000 shares on April 1. The firm has $11,200,000, 2.5% convertible bonds outstanding for a full year (i.e., $280,000 coupon interest per year), which are convertible into 327,000 shares of common stock. The firm issued the bonds at par and did not convert any during the current year. It also had $1,180,000 par value, 5% nonconvertible, noncumulative preferred stock outstanding for the full year and declared dividends for the current year. The company is subject to a 40% effective tax rate and net income is $3,600,000. Requirement Based on this information, compute basic and diluted earnings per share for the current year. Compute the basic earnings per share for the current year. (Round the earnings per share (EPS) to the nearest cent, X.XX.) The basic earnings per share is $ Glacier Stamping began the current year with 470,000 common shares outstanding and issued an additional 240,000 shares on April 1. The firm has $11,200,000, 2.5% convertible bonds outstanding for a full year (i.e., $280,000 coupon interest per year), which are convertible into 327,000 shares of common stock. The firm issued the bonds at par and did not convert any during the current year. It also had $1,180,000 par value, 5% nonconvertible, noncumulative preferred stock outstanding for the full year and declared dividends for the current year. The company is subject to a 40% effective tax rate and net income is $3,600,000. Requirement Based on this information, compute basic and diluted earnings per share for the current year. Compute the basic earnings per share for the current year. (Round the earnings per share (EPS) to the nearest cent, X.XX.) The basic earnings per share is $