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Computing EPS: Convertible Preferred Stock Charter Company earned net income of $48,000 in 2020. The company had 10,000 shares of common stock outstanding during the year and 1,000 shares of noncumulative preferred stock, each convertible into 5 shares of common stock with $10 par value per share. The relevant tax rate is 25%. During the year, Charter Company declared and paid $5,000 in preferred dividends and no common stock dividends. a. Compute basic earnings per share. b. Compute diluted earnings per share. Note: Enter the earnings per share amounts in dollars and cents, rounded to the nearest penny. Net Income Available to Weighted Avg. Common Common Stockholders Shares Outstanding Share Per Basic EPS $ 0 0 $ 0 Diluted EPS $ 0 0 $ 0