In 2018, TC Air Inc.'s net income was $1,800,000. Air had 110,000 ordinary shares outstanding at year-end. There were two ordinary share transactions during the year: i) Air declared and distributed a two-for-one stock split on March 1, 2018; and ii) Option C was exercised on April 1, 2018. Details of Air's stock option plans follow: (Click the icon to view the details.) (Click the icon for additional information.) Requirements Calculate Air's basic earnings per share for the year ended December 31, 2018. b. Calculate Air's diluted earnings per share for the year ended December 31, 2018. a. Requirement a. Calculate Air's basic earnings per share for the year ended December 31, 2018. Select the formula and enter the amounts to compute Air's basic EPS in 2018. (Abbreviations used: WASO = Weighted average number of ordinary shares outstanding. Do not round until your final answer. Then round the WASO amount to the nearest whole number. Round the earnings per share [EPS) to the nearest cent, $X.XX.) = Basic EPS More Info More Info The average market price of Air's ordinary shares for the year is $30.00. Air does not have any preferred shares or convertible bonds outstanding. The recorded exercise prices and number of shares that can be acquired under the stock option plans have already been adjusted for the stock split. Option A entitles employees to purchase 50,000 ordinary shares for $25.00 each. This option was granted during 2017 and expires in 2020. . Option B entitles employees to purchase 50,000 ordinary shares for $34.00 each. This option was granted on July 1, 2018, and expires in 2021. Option C entitles employees to purchase 50,000 ordinary shares for $20.00 each. This option was granted during 2016 and was exercised on April 1, 2018. . Option D entitles employees to purchase 50,000 ordinary shares for $26.00 each. This option was granted on September 1, 2018, and expires in 2021. Print Done Print Done