outstanding during 2017 1,200,000 shares 8%, cumulative convertible preferred shares: convertible into 90,000 common shares $1,800,000 6% convertible bonds; convertible into 60,000 common shares $2,000,000 Stock options, exercisable at $30 per share 105,000 shares All the convertible securities and stock options were outstanding all year. The average market price of the common shares in 2017 was $35. Instructions Calculate: a. basic earnings per share b. diluted earnings per share