Yellow Car Company:

On January 1, 2014, the Yellow Car Company had 2,000,000 shares of $2 par value common stock issued and outstanding

On July 1, the company issued 600,000 additional shares of common stock for cash.

Yellow Car Company had 20,000 shares of $100 par value, 4% preferred stock issued and outstanding throughout the year. The preferred stock is convertible to a total of 24,000 common shares

On January 1, 2014, Yellow Car Company had $50,000,000 face value, 15-year, 5% bonds outstanding. The bonds were originally issued at par. Each $1,000 bond is convertible into 20 shares of Yellow Car common stock. None of the bonds were converted in 2014.

Yellow Cars net income for 2014 was $8,780,000 (after tax), and its tax rate was 30%.

Compute both Basic Earnings Per Share and Diluted Earnings Per Share for Yellow Car Company for the year ended December 31, 2014.