On January 1, 2020 GGB ltd. Had 2,500,000 Class A common shares outstanding. On April 1, the company repurchased and retired 800,000 Class A common shares on the open market for $14 per share. 750000 additional class A common shares were issued upon the exercise of options on October 1.

The corporation reported 4100000 of net income for the year ended December 31, 2020, and the income tax rate is 25%. There are no discontinued operations.

GGB ltd. Provided the following information regarding its securities:

• There are $4,000,000 of convertible bonds payable outstanding during 2020, convertible into class A shares at the rate of 50 shares per $1000 bond, at the option of investor. During the year, interest expense of 250,000 was recorded.
• There are 250,000 $2.25 no-par, non-cumulative preferred shares outstanding during 2020. These shares are convertible into Class A common shares 4-for-1 at the option of the investor.
• There are 450,000 $5 no-par cumulative preferred shares outstanding during 2020. The shares are convertible into Class A common shares 3-for-1 at the option of investor.
• At the beginning of the year, 75000 options were outstanding, allowing senior management to purchase 75000 of these options were exercised. The average market value for the first nine months of the year was $20 per share.

All annual preferred dividends relating to the shares in b. and c. were declared and paid in 2020.

Required: 

Calculate basic earnings per share and diluted earnings per share for 2020. Show all your work and individual effects of the items above.