The Pharoah Corporation issued 10-year, $4,390,000 par, 8% 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 19:1. At the date of issue, the bonds were sold at 99. Bond discount is amortized on a straight-line basis. Pharoah's effective tax was 20%. Net income in 2020 was $9,500,000, and the company had 1,970,000 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 $ Diluted earnings per share $