Collin Corporation’s capital structure was as follows: December 31 Year 4 Year 5 Outstanding shares of stock: Common 200,000 200,000 Convertible preferred 10,000 10,000 Debt Outstanding: 9% convertible bonds(issued at par) $ 10,000,000 $ 10,000,000 During Year 5, Collins paid dividends of $3 per share on its preferred stock. The preferred shares are convertible into 20,000 shares of common stock, and the 9% bonds are convertible into 300,000 shares of common stock. Assume that the income tax rate is 30%. If net income for Year 5 is $3,500,000, calculate Collin’s basic and diluted earnings per share for that year.