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On January $1,2025,$ Waterway Company issued $10-$year, $$1,890,000$ face value, $6\%$ bonds, at par. Each $$1,000$ bond is convertible into $16$ shares of Waterway common stock. Waterway's net income in $2025$ was $$470,000,$ and its tax rate was $20\%.$ The company had $94,000$ shares of common stock outstanding throughout $2025.$ None of the bonds were converted in $2025.$

a$.$ Compute diluted earnings per share for $2025.($Round answer to $2$ decimal places, e$.$g$.2\mathrm{.}55.)$

Diluted earnings per share

$

b$.$ Compute diluted earnings per share for $2025,$ assuming the same facts as above, except that $$940,000$ of $6\%$ convertible preferred stock was issued instead of the bonds. Each $$100$ preferred share is convertible into $5$ shares of Waterway common stock. $($Round answer to $2$ decimal places, e$.$g$.2\mathrm{.}55.)$

Diluted earnings per share

$

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Saved work will be auto$-$submitted on the due date. The answers are not $2\mathrm{.}49$ or $2\mathrm{.}93$ please solve correcly