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The Ivanhoe Corporation issued 10-year, $4,000,000 par, 7% callable convertible subordinated debentures on January 2, 2020. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is 13:1, and in 2 years it will increase to 17:1. At the date of issue, the bonds were sold at 98. Bond discount is amortized on a straight-line basis. Ivanhoe's effective tax was 20%. Net income in 2020 was $10,950,000, and the company had 1,980,000 shares outstanding during the entire year. Compute both basic and diluted earnings per share. (Round answers to 2 decimal places, e.g. $2.55.) Basic earnings per share 5.53 * Diluted earnings per share 5.36