The Culver Corporation issued 10-year, $ 5,380,000 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 14:1, and in 2 years it will increase to 17:1. At the date of issue, the bonds were sold at 99. Bond discount is amortized on a straight-line basis. Culvers effective tax was 20%. Net income in 2020 was $ 9,000,000, and the company had 1,980,000 shares outstanding during the entire year. Compute both basic and diluted earnings per share. (Round answers to 2 decimal places, e.g. $2.55.)

Basic earnings per share		$ 4.55
Diluted earnings per share		$