Following are separate income statements for Austin, Inc., and its 80 percentowned subsidiary, Rio Grande Corporation as well as a consolidated statement for the business combination as a whole (credit balances indicated by parentheses).

	Austin				Rio Grande				Consolidated
Revenues	$	(718,000	)		$	(518,000	)		$	(1,236,000	)
Cost of goods sold		418,000				282,000				700,000
Operating expenses		118,000				88,000				231,000
Equity in earnings of Rio Grande		(98,400	)
Individual company net income	$	(280,400	)		$	(148,000	)
Consolidated net income									$	(305,000	)
Noncontrolling interest in consolidated net income										(24,600	)
Consolidated net income attributable to Austin									$	(280,400	)

Additional Information

Annual excess fair over book value amortization of $25,000 resulted from the acquisition.

The parent applies the equity method to this investment.

Austin has 55,000 shares of common stock and 7,000 shares of preferred stock outstanding. Owners of the preferred stock are paid an annual dividend of $30,000, and each share can be exchanged for three shares of common stock.

Rio Grande has 36,000 shares of common stock outstanding. The company also has 8,000 stock warrants outstanding. For $10, each warrant can be converted into a share of Rio Grandes common stock. Austin holds half of these warrants. The price of Rio Grandes common stock was $20 per share throughout the year.

Rio Grande also has convertible bonds, none of which Austin owned. During the current year, total interest expense (net of taxes) was $31,000. These bonds can be exchanged for 15,000 shares of the subsidiarys common stock.

Determine Austins basic and diluted EPS. (Round your intermediate percentage value to 1 decimal place. Round your final answers to 2 decimal places.)

The basic is 4.55.

I need the Diluted one. The answer is NOT 2.955