On December 31, 2015, Brisbane Company had 100,000 shares of common stock outstanding and 36,000 shares of 5%, $50 par, cumulative preferred stock outstanding. On February 28, 2016, Brisbane purchased 30,000 shares of common stock on the open market as treasury stock paying $46 per share. Brisbane sold 6,600 treasury shares on September 30, 2016, for $51 per share. Net income for 2016 was $186,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 56,000 common shares at $46. The market price of the common shares averaged $56 during 2016.

Calculate:

Basic Earnings Per Share and Diluted Earnings Per Share