On December 31, 2018, james Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $100 par, cumulative preferred stock outstanding. On February 28, 2019, james purchased 24,000 shares of common stock on the open market as treasury stock paying $45 per share.james sold 6,000 of the treasury shares on September 30, 2019, for $47 per share. Net income for 2019 was $540,000. The income tax rate is 40%. Also outstanding at December 31, 2018, were fully vested incentive stock options giving key personnel the option to buy 50,000 common shares at $40. The market price of the common shares averaged $50 during 2019. Five thousand 6% bonds were issued at par on January 1, 2019. Each $1,000 bond is convertible into 125 shares of common stock. Compute basic and diluted earnings per share for james Company for 2019