On December 31, 2015, Brisbane Company had 100,000 shares of common stock outstanding and 34,000 shares of 5%, $50 par, cumulative preferred stock outstanding. On February 28, 2016, Brisbane purchased 28,000 shares of common stock on the open market as treasury stock paying $44 per share. Brisbane sold 6,400 treasury shares on September 30, 2016, for $49 per share. Net income for 2016 was $184,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 54,000 common shares at $44. The market price of the common shares averaged $54 during 2016.

Required:

Compute Brisbane's basic and diluted earnings per share for 2016