Basic and diluted EPS Assume that the following data relative to Lane Company for 2018 is available: Net Income $2,800,000 Change Transactions in Common Shares Jan. 1, 2018, Beginning number Mar. 1. 2018, Purchase of treasury shares June 1, 2018, Stock split 2-1 Nov. 1, 2018, Issuance of shares (50,000) 650,000 250,000 Cumulative 700,000 650,000 1,300,000 1,550,000 7% Cumulative Convertible Preferred Stock Sold at par, convertible into 200,000 shares of common (adjusted for split) $1,000,000 Stock Options Exercisable at the option price of $28 per share. Average market price in 2018, $32 (market price and option price adjusted for split). 80,000 shares Instructions (a) Calculate weighted average number of shares. (b) Compute the basic earnings per share for 2018.(Round to the nearest penny) (c) Compute the diluted earnings per share for 2018. (Round to the nearest penny