Stan Corp. provides the following data for 20x1 Transactions in common stock: 1/1, beginning 300,000 shares 4/1, issuance 100,000 shares 8% $100 par nonconvertible cumulative preferred stock $100,000 Issued at par 6% $100 par convertible cumulative preferred stock $200,000 Issued at $105 Convertible into 20,000 shares Stock options 60,000 shares Option price $25 Average market price $35 Year-end market price $40 The net income for 20x1 is $2,300,000. The companys tax rate is 30 percent. No conversion or options were exercised during 20x1. Compute basic and diluted earnings per share.