For the year ended 31 December 2009, Dim-Cool Utility Company had net income of $1,750,000. The company had an average of 500,000 shares of common stock outstanding, 20,000 shares of convertible preferred, and no other potentially dilutive securities.

Each share of preferred pays a dividend of $10 per share, and each is convertible into three shares of the company’s common stock. What was the company’s basic and diluted EPS?