On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 32,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2018, Jackson purchased 26,000 shares of common stock on the open market as treasury stock for $37 per share. Jackson sold 6,200 treasury shares on September 30, 2018, for $39 per share. Net income for 2018 was $182,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 52,000 common shares at $42. The market price of the common shares averaged $41 during 2018. Required: Compute Jackson's basic and diluted earnings per share for 2018. (Round your answers to 2 decimal places.)

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

Basic Diluted Earnings per share 0.89 0.90 X