Oriole Corporation issued $3 million of 10-year, 7% callable convertible subordinated debentures on January 2, 2020. The debentures have a face value of $1,000, with interest payable annually. The current conversion ratio is 15:1, and in two years it will increase to 18:1. At the date of issue, the bonds were sold at 98 to yield a 7.2886% effective interest rate. Bond discount is amortized using the effective interest method. Oriole's effective tax was 40%. Net income in 2020 was $7.3 million, and the company had 2.1 million shares outstanding during the entire year. For simplicity, ignore the IFRS requirement to record the debentures' debt and equity components separately.

Calculate both basic and diluted earnings per share for the year ended December 31, 2020. 

Basic earnings per share $

Diluted earnings per shar

2

Oriole Limited had 42,300 common shares outstanding on January 1, 2020. On March 1, 2020, Oriole issued 20,400 shares in exchange for equipment. On July 1, Oriole repurchased and cancelled 9,900 shares. On October 1, 2020, Oriole declared a 1-for-2 reverse stock split.

Calculate the weighted average number of shares outstanding for Oriole for the year ended December 31, 2020. 

Weighted average number of shares outstanding  shares