Regal Company had 100,000 shares of common stock, 50,000 shares of convertible preferred stock, and $1,000,000 of 10% convertible bonds outstanding. The preferred stock is convertible into 80,000 shares of common stock and the bonds convertible into 50,000 shares of common stock. During 2015, the company paid dividends at .50 cent per share on common and $1.00 per share on preferred stock. The net income for 2015 was $300,000 and the income tax rate is 40%. Calculate A) Basic earning per share B) Diluted earning per share