On January 1, 2020, Cheyenne Company issued 10-year, $1,880,000 face value, 6\% bonds, at par. Each $1,000 bond is convertible into 16 shares of Cheyenne common stock. Cheyenne's net income in 2020 was $391,300, and its tax rate Was 20\%. The company had 91,000 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. \$2.55.) Diluted earnings per share (b) Compute diluted earnings per share for 2020, assuming the same hacts as above, except that $910,000 of 6%. corrvertible preferred stock was issued instead of the bonds. Each $100 preferred share is comertible into 5 shares of Cheyenne common stock. (Round answer to 2 decimat places, e.s. $2.55.) Dlluted earnings per share