EPS #1 (5 points): During 2021, Tiger Corporation had 850,000 shares of common stock and 60,000 shares of 8%, $2 par preferred stock outstanding all year. The preferred stock was outstanding at the start of the year and is convertible into 100,000 shares of common stock. Tiger's net income for 2021 was $650,000.

Required: Calculate Tiger's Basic EPS and Diluted EPS.

EPS #2 (10 points): Elephant Inc. reported $900,000 in net income in 2021. On January 1, 2021, the company had 500,000 shares of common stock outstanding. On April 1, 2021, 30,000 new shares of common stock were sold for cash. On June 1, 2021, the company issued a 10% stock dividend on its common stock. On September 1, 2021, 12,000 common shares were reacquired as treasury stock.

Required: Calculate Elephant's Basic EPS.