December 31,2006, company had outstanding 180,000 shares of common stock. Net income for 2006 was $285,000. Outstanding options to purchase 15,000 shares of common stock at $20 per share had not been exercised by December 31,2006, market prices for common stock were:

July 1, 2006: $18 per share
December 31: $32 per share
Average Market: $25 per share

Compute basic and diluted earnings per common share in 2006.

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