The Headland Corporation issued 10-year, $4,430,000 par, 7% callable convertible subordinated debentures on January 2, 2020

The Headland Corporation issued 10-year, $4,430,000 par, 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 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. Headland's effective tax was 20%. Net income in 2020 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$