Presented below is information related to Starr Company.

1.Net Income [including a discontinued operations gain (net of tax) of $54,000]$200,5002.Capital Structurea.Cumulative 5% preferred stock, $100par,6,500shares issued and outstanding$650,000b.$10 par common stock,74,000shares outstanding on January 1. On April 1,40,000shares were issued for cash. On October 1,16,000shares were purchased and retired.$1,000,000c.On January 2 of the current year, Starr purchased Oslo Corporation. One of the terms of the purchase was that if Oslo net income for the following year is $242,000or more,50,000additional shares would be issued to Oslo stockholders next year.Oslo's net income for the current year was $2,600,000.3.Other Informationa.Average market price per share of common stock during entire year$30b.Income tax rate30%

Part 1

Compute weighted average shares outstanding.

Compute earnings per share for the current year.(Round answers to 2 decimal places, e.g. 52.75.)

Basic earnings per share

Diluted earnings per share