Basic and Diluted Earnings Per Share. BUZZSAW CO. is preparing its EPS calculations for the year ended December 31, 2021 and has assembled the following relevant information: The companys average stock price during the year was $30, and its income tax rate was 25% Common Stock: 800,000 shares, $1 par, outstanding at the beginning of the year 4% Preferred Stock, Cumulative and Nonconvertible: 100,000 shares, $50 par value, outstanding at the beginning of the year. 60,000 common shares were issued on April, 1, 2021 5% convertible bonds are outstanding that were issued at their $2,000,000 face value. Each $1,000 bond is convertible into 15 shares of common stock. The company has 50,000 incentive stock options outstanding at the end of the year. The options are fully vested and have an exercise price of $10 per share. Net Income for the year was $5 million.

Calculate the amount of 1) Basic and 2)Diluted Earnings per Share for the Year ended December 31, 2021