PLEASE SHOW WORK.

Woolery, Inc. had 50,000 shares of common stock outstanding at January 1, 2011. On March31, 2011, an additional 12,000 shares were sold for cash. Woolery also had dollar4,000,000 of 6% convertible bonds outstanding throughout the year. The bonds are convertible into 40,000 shares of common stock Net income for the year was dollar350,000. The tax rate is 35%. Required: Compute basic and diluted earnings per share for the year ended December 31. 2011. PLEASE SHOW WORK