Sunland Corporation earned $490,000 during a period when it had an average of 105,000 common shares outstanding. The common shares sold at an average market price of $20 per share during the period. Also outstanding were 17,400 warrants that could each be exercised to purchase one common share for $11.

1)Are the warrants dilutive?

2)Calculate basic earnings per share. (Round answer to 2 decimal places, e.g. 15.25.)

3)Calculate diluted earnings per share. (Round answer to 2 decimal places, e.g. 15.25.)