On January 1, 2017, Morty Company issued 10-year, $2,020,000 face value, 6% bonds, at par. Each $1.000 bond is convertible into 16 shares of Morty common stock Monty's net income in 2017 was $317,000, and its tax rate was 40%. The company had 97.000 shares of common stock outstanding throughout 2017. None of the bonds were converted in 2017 (a) Compute diluted earnings per share for 2017. (Round answer to 2 decimal places, e.g. $2.55.) Diluted earnings per shares (b) Compute diluted earnings per share for 2017, assuming the same facts as above, except that $970,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Monty common stock (Round answer to decimal places . $2.55) Diluted earnings per share