Sheridan Corporation had net income of $53,100 for the year ended December 31, 2017, and a weighted average number of common shares outstanding of 10,700. The following information is provided regarding the capital structure:

1. 6% convertible debt, 250 bonds each convertible into 43 common shares. The bonds were outstanding or the entire year. The income tax rate is 40 The bonds were issued at par per bond). No bonds were converted during the year.

2. 4% convertible, cumulative $110 preferred shares, 1,100 shares issued and outstanding Each preferred share is convertible into 3 common shares. The preferred shares were issued at par and were outstanding the entire year. No shares were converted during the year.

Calculate the basic earnings per share for 2017.

Calculate the diluted earnings per share for 2017, using the if-converted method. For simplicity, ignore the requirement to record the debt and equity components of the bonds separately.