Major Corporation had 50,000 shares of common stock outstanding during 2016 with the following characteristics: Par value per share Average market value per share Market value per share on 12/31/2016 $10 The company also has compensatory share options to purchase 5,000 shares of common stock at $40 a share during the year. The unrecognized compensation cost (net of tax) related to these share options is $5 per share. Net income for the year was $60,600. Required: Compute the basic and diluted earnings per share for Major Corporation