IFA Corporations had Net Income of $780,000 and the following information for January 2021 to December 2021.

Ordinary shares issued and outstanding:

Jan 1 500,000 shares

March 1 300,000 shares.

June 1 A 10% share dividend

August 1 120,000 shares.

October 1 700,000 shares.

December 1 A 2 for 1 share split

On January 1, 10% convertible debentures, $60,000,000 face value, were issued at par. Each $1,000 debenture is convertible into 40 ordinary shares. The interest expense for the current year related to the liability component of the convertible debentures is $6,500,000.

250,000 preference shares outstanding, $60 par, 10% cumulative, not convertible.

Options were granted to purchase 400,000 ordinary shares at $18 each. The companys average market price of ordinary shares was $24.

10-year $3,000,000 face value, 8% bonds issued at par on May 1. Each $500 bond is convertible into 30 ordinary shares. The interest expense on the liability component of convertible bonds for the year was $360,000

The tax rate was 30%.

Requirements:

(a) Calculate the weighted average shares (to the nearest whole number) at December 31, 2021.

(b) Calculate the basic earnings per share for 2021.

(c) Calculate the diluted earnings per share for 2021.