On January 1, 2020, Winter Company had the following share capital: Ordinary share capital, P100 par value, 200,000 shares authorized, 100,000 shares issued 10,000,000 On January 1, 2020, the entity had also share options outstanding to purchase 50,000 ordinary shares at P120 per share. No value is assigned to the share option. On April 1, 2020, all of the share options were exercised. On this date, the market price of ordinary share was P400. The entity reported net income of P5,500,000 for the current year. Required: 1. Basic earnings per share 2. Diluted earnings per share