On January 1,2025 , Sheridan Company issued 10-year, $1,920,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 14 shares of Sheridan common stock. Sheridan's net income in 2025 was $478,500, and its tax rate was 20%. The company had 110,000 shares of common stock outstanding throughout 2025. None of the bonds were converted in 2025. a. Compute diluted earnings per share for 2025 . (Round answer to 2 decimal places, e.g. 2.55.) Diluted earnings per share $ b. Compute diluted earnings per share for 2025 , assuming the same facts as above, except that $1,100,000 of 6% convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Sheridan common stock. (Round answer to 2 decimal places, e.g. 2.55.)