Independent to Gala, Fuji Corporation had net income of $676,000 for the year ended December 31, 2019, and weighted average number of common shares outstanding of 120,000. The following information is provided regarding the capital structure:

8% convertible debt, $2,000,000 in bonds which were issued at par ($1,000 per bond) and are convertible into 20 common shares each. The bonds were outstanding for the entire year and with none being issued or converted during the year. The income tax rate is 30%.

Convertible, $4 cumulative preferred shares, 10,000 shares issued and outstanding. Each preferred share is convertible into two common shares. The preferred shares were issued at par and were outstanding the entire year. No shares were converted during the year.

30,000 call options issued during 2018, with each option being exercisable for one share at $22 were outstanding. None have been exercised.

The average market price of the company's shares during 2019 was $24.

Instructions Calculate both the basic and diluted earnings per share for 2019, using the if-converted method. For simplicity, ignore the requirement to record the debt and equity components of the bonds