TheHeadlandCorporation issued 10-year, $4,430,000par,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 to19:1. At the date of issue, the bonds were sold at96. Bond discount is amortized on a straight-line basis.Headland's effective tax was20%. Net income in 2020 was $9,050,000, and the company had1,885,000shares 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$