Excelsior Corporation reported profit after tax of $5,000,000 for the year ended 31 December 20x3. The following information is provided for the year 20x3:

(a) The number of outstanding ordinary shares at 1 January 20x3 was 12,000,000. On 30 June 20x3, Excelsior issued 6,000,000 new shares at fair value to acquire the business of a competitor.

(b) On 1 October 20x3, Excelsior granted 2,000,000 options to its key managers. Each option allowed the holder to purchase one unit of ordinary share at $1. The average market price of Excelsior’s share during 20x3 was

$1.60. The options were exercisable only after two years from the date of grant.

(c) On 1 January 20x3, Excelsior issued at par value a convertible bond with a nominal value of $10,000,000 and a coupon rate of 2% per annum. Interest on the bond was payable annually on 31 December. The bond, which matures on 31 December 20x7, is convertible into 5,000,000 ordinary shares. As at 31 December 20x3, there had been no conversion of the bond into ordinary shares. Excelsior accounted for this bond in accordance with IAS 32. The market interest rate at the time of issue of the bond was 6% per annum.

(d) The tax rate was 20%.

Required

Calculate the basic and diluted earnings per share for the year ended 31 December 20x3.