The Sheffield Corporation issued 10-year, $4,430,000 par, 7\% callable convertible subordinated debentures on January 2, 2025. 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 96. Bond discount is amortized on a straight-line basis. Sheffield's effective tax was 20%. Net income in 2025 was $9,050,000, and the company had 1,885,000 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 $ The Sheffield Corporation issued 10-year, $4,430,000 par, 7\% callable convertible subordinated debentures on January 2, 2025. 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 96. Bond discount is amortized on a straight-line basis. Sheffield's effective tax was 20%. Net income in 2025 was $9,050,000, and the company had 1,885,000 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 $