On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 24,000 shares of 7%, $50 par, c

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On December 31, 2017, Jackson Company had 100,000 shares of
common stock outstanding and 24,000 shares of 7%, $50 par,
cumulative preferred stock outstanding. On February 28, 2018,
Jackson purchased 16,000 shares of common stock on the open market
as treasury stock for $27 per share. Jackson sold 5,200 treasury
shares on September 30, 2018, for $29 per share. Net income for
2018 was $172,905. Also outstanding during the year were fully
vested incentive stock options giving key personnel the option to
buy 42,000 common shares at $32. The market price of the common
shares averaged $31 during 2018. Required: Compute Jackson's basic
and diluted earnings per share for 2018. (Round your answers to 2
decimal places.)