Basic and Diluted Earnings Per Share. Lizzow company is preparing its EPS calculations for the year ended December 31, 2021 and has assembled the following relevant information:

- The company's average stock price during the year was $30, and its income tax return 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.