The Sheridan Corporation issued 10-year, $5,460,000par,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 is14:1, and in 2 years it will increase to16:1. At the date of issue, the bonds were sold at98. Bond discount is amortized on a straight-line basis. Sheridan's effective tax was20%. Net income in 2020 was $8,000,000, and the company had2,185,000shares outstanding during the entire year.

Basic earnings per share. $________

Diluted earnings per share. $________

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Cheyenne Company's net income for 2020 is $51,500. The only potentially dilutive securities outstanding were900options issued during 2019, each exercisable for one share at $6. None has been exercised, and10,700shares of common were outstanding during 2020. The average market price of Cheyenne's stock during 2020 was $18.

Diluted earnings per share. $________

(b)Assume the same facts as those assumed for part (a), except that the900options were issued on October 1, 2020 (rather than in 2019). The average market price during the last 3 months of 2020 was $18

Diluted earnings per share. $________

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Coronado Corporation earned $267,000during a period when it had an average of100,000shares of common stock outstanding. The common stock sold at an average market price of $18per share during the period. Also outstanding were14,100warrants that could be exercised to purchase one share of common stock for $12for each warrant exercised.

(b)Compute basic earnings per share.

Basic earnings per share. $________

(c)Compute diluted earnings per share.

Diluted earnings per share. $_______