The Buffalo Corporation issued 10-year, $4, 500,000 par, 7% callable convertible subordinated debentures on January 2, 2017. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is 15: 1, and in 2 years it will increase to 18: 1. At the data of issue, the bonds were sold at 98. Bond discount is amortized on a straight-line basis. Buffalo's effective tax was 35%. Net income in 2017 was $8, 900,000, and the company had shares outstanding during the entire year. (a) Compute both basic and diluted earnings per share. (Round answers to 2 decimal places, e.g. $2.55.) Basic earnings per share Diluted earnings per share