At December 31, 2024, Med X Corporation had outstanding 200,000 shares of common stock. Also outstanding were 120,000 shares of preferred stock convertible into 64,000 common shares and $1,800,000 of 10% bonds convertible into 27,000 common shares. MedX's net income for the year ended December 31,2024 , is $1,040,000. The income tax rate is 25%. MedX paid dividends of $2 per share on its preferred stock during 2024. Required: Compute basic and diluted earnings per share for the year ended December 31,2024 , considering possible antidilutive effects. Note: Round your answers to 2 decimal places