On January $1,2020,$ Marigold Company issued $10-$year, $$2,150,000$ face value, $6\%$ bonds, at par. Each $$1,000$ bond is convertible

into $16$ shares of Marigold common stock. Marigold's net income in $2020$ was $$518,950,$ and its tax rate was $20\%.$ The company

had $97,000$ shares of common stock outstanding throughout $2020.$ None of the bonds were converted in $2020.$

$($a$)$ Compute diluted earnings per share for $2020.($Round answer to $2$ decimal places, e$.$g$.$ $$2\mathrm{.}55.)$

Diluted earnings per share $

$($b$)$ Compute diluted earnings per share for $2020,$ assuming the same facts as above, except that $$970,000$ of $6\%$ convertible preferred

stock was issued instead of the bonds. Each $$100$ preferred share is convertible into $5$ shares of Marigold common stock. $($Round

answer to $2$ decimal places, e$.$g$.$ $$2\mathrm{.}55.$

Diluted earnings per share

$