Testbank Problem 146 Assume that the following data relative to Crane Company for 2021 is available: Net Income $2,870,000 Transactions in Common Shares Jan. 1, 2021, Beginning number Mar. 1, 2021, Purchase of treasury shares June 1, 2021, Stock split 2-1 Nov. 1, 2021, Issuance of shares Change Cumulative 680,000 (56,400) 623,600 623,600 1,247,200 210,000 1,457,200 6% Cumulative Convertible Preferred Stock Sold at par, convertible into 200,000 shares of common (adjusted for split). $1,000,000 81,000 shares Stock Options Exercisable at the option price of $25 per share. Average market price in 2021, $30 (market price and option price adjusted for split). signment > Open Assignment Compute weighted average shares outstanding for 2021. Weighted average shares outstanding 1,031,767 * Your answer is incorrect. Try again. Compute the basic earnings per share for 2018. (Round answer to 2 decimal places, e.g. 52.75.) Basic earnings per share 2.78 Your answer is correct. Compute the diluted earnings per share for 2018. (Round answer to 2 decimal places, e.g. 52.75.) Diluted earnings per share 1.92 Click if you would like to Show Work for this question: Open Show Work