*Problem 16-8 The information below pertains to Buffalo Company for 2018 Net income for the year 7% convertible bonds issued at par ($1,000 per bond); each bond is convertible into $1,180,000 30 shares of common stock 1,920,000 7% convertible, cumulative preferred stock, $100 par value; each share is convertible into 3 shares of common stock Common stock, $10 par value Tax rate for 2018 Average market price of common stock 4,050,000 5,790,000 4096 25 per share There were no changes during 2018 in the number of common shares, preferred shares, or convertible bonds outstanding. There is no treasury stock. The company also has common stock options (granted in a prior year) to purchase 73,600 shares of common stock at $20 per share. (a) Compute basic earnings per share for 2018. (Round answer to 2 decimal places, e.g. $2.55.) Basic earnings per share (b) Compute diluted earnings per share for 2018. (Round answer to 2 decimai places, e.g. $2.55) Diluted earnings per share