Information relating to the capital structure of Dervish Co. on Dec. 31, 2021, is as follows: P5,000,000 2,500,000 4,000,000 Ordinary share capital, P50 par 10% Preference share capital, P100 par 8% Convertible bonds payable Share options to purchase 80,000 shares at P60 were outstanding throughout the year. Market price of Dervish's shares was P100 on Dec. 31 and averaged P80 during the year. The fair value of the options was negligible. The cumulative preference shares are convertible into 100,000 ordinary shares. The bonds are convertible into 80,000 ordinary shares. None were converted during the year. Tax rate is 30%. Net income for the year was P600,000. Compute for the following: 1. Compute for Basic Earnings per Share and Diluted Earnings per Share