the Sarasota Corporation issued 10-year, $4, 390,000 par, 7% callable convertible subordinated debentures on January 2, 2017. 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 96. Bond discount is amortized on a straight-line basis. Sarasota's effective tax was 35%. Net income in 2017 was $7, 950,000, and the company had 2, 185,000 shares outstanding during the entire year. Compute both bask and diluted earnings per share. (Round answers to 2 decimal places, e.g. $2.55.)