During 2016, Mayfair Company had the following securities outstanding:

1. 250,000 shares of common stock with an average market price of \($25\) per share.
2. 9.5% convertible preferred, which had been sold at its par value of \($100\). The preferred stock is convertible into three shares of common stock and 3,000 preferred shares are currently outstanding.
During 2016, Mayfair earned net income after income taxes of \($3.2\) million. Calculate the

(a) basic earnings per share and

(b) diluted earnings per share for Mayfair Company for 2016.