Sheffield Corp. purchased Ivanhoe Company and agreed to give stockholders of Ivanhoe Company 50500 additional shares in 2020 if Ivanhoe Company's net income in 2019 is $590000 or more; in 2018 Ivanhoe Company's net income is $610000. Sheffield has net income for 2018 of $1505000 and has an average number of common shares outstanding for 2018 of 497000 shares. What should Sheffield report as earnings per share for 2018? (rounded to the nearest penny)

Basic Earnings

Per Share

Diluted Earnings

Per Share

$3.03 $3.03

$2.75 $2.75

$2.75 $3.03

$3.03 $2.75