On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 37,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2018, Jackson purchased 31,000 shares of common stock on the open market as treasury stock for $42 per share. Jackson sold 6,700 treasury shares on September 30, 2018, for $44 per share. Net income for 2018 was $187,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 57,000 common shares at $47. The market price of the common shares averaged $46 during 2018.

Required: Compute Jackson's basic and diluted earnings per share for 2018. (Round your answers to 2 decimal places.)