On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 31,000 shares of 6%, $50 par, cumulative preferred stock outstanding. On February 28, 2018, Jackson purchased 25,000 shares of common stock on the open market as treasury stock for $36 per share. Jackson sold 6,100 treasury shares on September 30, 2018, for $38 per share. Net income for 2018 was $181,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 51,000 common shares at $41. The market price of the common shares averaged $40 during 2018. Required: Compute Jackson's basic and diluted earnings per share for 2018. (Round your answers to 2 decimal places.)