On January $1,2020,$ Sage Company issued $10-$year, $$1,810,000$ face value, $6\%$ bonds, at par. Each $$1,000$ bond is

convertible into $15$ shares of Sage common stock. Sage's net income in $2020$ was $$403,200,$ and its tax rate was $20\%.$ The

company had $96,000$ shares of common stock outstanding throughout $2020.$ None of the bonds were converted in $2020.$

$($a$)$ Compute diluted earnings per share for $2020.($Round answer to $2$ decimal places, e$.$g$.$ $$2\mathrm{.}55.)$

Diluted earnings per share

$

$($b$)$ Compute diluted earnings per share for $2020,$ assuming the same facts as above, except that $$960,000$ of $6\%$

convertible preferred stock was issued instead of the bonds. Each $$100$ preferred share is convertible into $5$ shares of

Sage common stock. $($Round answer to $2$ decimal places, e$.$g$.$ $$2\mathrm{.}55.)$

Diluted earnings per share $