Exercise 10-16 (Algo) Effect of Convertible Preferred Stock on Earnings per Share LO 10-4 Pagle Corporation holds 80 percent of Standard Company's common shares. The companies report the following balance sheet data for December 31, 20X1: An 8 percent annual dividend is paid on the Pagle preferred stock and a 12 percent dividend is paid on the Standard preferred stock. Pagle's preferred shares are not convertible. Standard's preferred shares can be converted into 15,000 shares of common stock at any time. For 201, Standard reports $54,000 of net income and pays total dividends of $24,000, and Pagle reports $61,000 of income from its separate operations and pays total dividends of $38,000. Required: Compute basic and diluted EPS for the consolidated entity for 20X1. Note: Round your answers to 2 decimal places