On January $1,2024,$ Sheffield issued $10-$year, $$260,000$ face value, $6\%$ bonds at par. Each $$1,000$ bond is convertible into $30$ shares of Sheffield $$2$ par value common stock. The company has had $10,000$ shares of common stock $($and no preferred stock$)$ outstanding throughout its life. None of the bonds have been converted as of the end of $2025.($Ignore all tax effects.$)$

$($a$).$

$($b$)$

Sheffield's net income in $2025$ was $$41,000$ and was $$39,000$ in $2024.$ Compute basic and diluted earnings per share for Sheffield for $2025$ and $2024.($Round answers to $2$ decimal places, e$.$g$.52\mathrm{.}75.)$

Basic earning per share