You are given the following information in respect of XYZ Ltd for the year ending 30 June 2022.

Earnings for the year ending 30 June 2022 $70 000 000

Fully paid ordinary shares at 1 July 2021 75 000 000

Ten million options are issued on 30 June 2020, exercisable at $2.00 per option on or before 30 June 2024.

The holder of each option has the right to purchase one share.

At July 2021, there are 2 million, 10 per cent, convertible notes on issue at face value (also called ‘par’). The face value is $2.50. Interest is paid on 1 September and 1 March each year. Each convertible note is convertible into one fully paid ordinary share on 1 May 2024 and 1 May 2025.

On 1 May 2022, there is a rights issue of one-for-three ordinary fully paid shares. The price of the rights is $1.00. The last cum rights share price was $2.50. New shares issued do not participate in the interim dividend of 3.5 cents per share. The average share price for the year was $2.50.

The company income tax rate is 40 per cent.

REQUIRED

Calculate the basic and fully diluted earnings per share for XYZ Ltd for the year ending 30 June 2022.