Mahaveer Limited earned a PAT of Rs. 33.80 million for the year 2017. The share capital of the company is made up of eight million equity shares of Rs 2 each and one million preference shares of Rs 100 each carrying dividend at the rate of 10%. The company had six million equity shares outstanding in the beginning of the year and issued three million additional shares on 1st April 2017. It bought back one million shares on 1st December 2017 from the market for cancellation.

Calculate the weighted average number of equity shares outstanding and What is the basic EPS of the company for the year? Assuming that each preference share is convertible into two equity shares in the future, calculate the diluted EPS