The excerpt from the balance sheet of Osman Glasses Inc. follows : Osman Glasses Selected Balance Sheet Information At December 31, 2020 Long Term Debt: Notes Payable, 10% $1,000,000 7% convertible bonds payable 2,000,000 9% convertible bonds payable 3,000,000 Total Long-Term Debt $6,000,000 Shareholders Equity: $10 cumulative dividend, convertible preferred shares No par value, 100,000 shares authorized 20,000 shares issued and outstanding $2,000,000 Common shares, no par value, 5,000,000 shares authorized 400,000 shares issued and outstanding $400,000 Contributed surplus 2,100,000 Retained Earnings 9,000,000 Total Shareholders Equity $13,500,000 Additional Information 1. Options were granted in July 2018 to purchase 50,000 common shares at $16 per shares. The average market price of the companys common shares during 2020 was $24 per common share. The options expire in 2025 and no option was exercised during 2020. 2. The 7% convertible bonds were issued in 2019 at face value. The 9% convertible bonds were issued on April 1, 2020, at face value. Each convertible bond is convertible into 40 common shares [each bond has a face value of $1,000] 3. The $10 cumulative, convertible preferred shares were issued at the beginning of 2017. Each preferred share is convertible into 5 common shares. 4. The average income tax rate is 40% 5. The 400,000 common shares were issued at $1 per share and were outstanding during the entire year. 6. Preferred dividends were not declared in 2020. 7. Net Income was $1.5 million in 2020. 8. No bonds or preferred shares were converted in 2020. a. Calculate basic earnings per share for 2020. [1 Mark] b. Calculate diluted earnings per share for 2020. [5 Marks].

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