The Carla Corporation issued 10-year, $4,310,000 par, 7% callable convertible subordinated debentures on January 2, 2020. The bonds have a par value of $1,000, with interest payable annually. The current conversion ratio is 13:1, and in 2 years it will increase to 19:1. At the date of issue, the bonds were sold at 98. Bond discount is amortized on a straight-line basis. Carlas effective tax was 20%. Net income in 2020 was $7,900,000, and the company had 2,120,000 shares outstanding during the entire year. Compute both basic and diluted earnings per share.