On December 31, 2021, Sheffield Co. had 212,000 common shares outstanding. The company also had outstanding a convertible bond with a face value of $84,500 that had been issued in 2015. The bond paid 6% interest per year and was convertible to 1,690 common shares. Sheffield Co. had net income for 2021 of $1,017,600 and was subject to a 30% income tax rate. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately).

(a)

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Calculate basic earnings per share. (Round answer to 2 decimal places, e.g. 15.25.)

Basic earnings per share

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(b)

Calculate diluted earnings per share. (Round answer to 2 decimal places, e.g. 15.25.)

Diluted earnings per share

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