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	$	(726,000	)		$	(526,000	)		$	(1,252,000	)
Cost of goods sold		426,000				274,000				700,000
Operating expenses		126,000				96,000				247,000
Equity in earnings of Rio Grande		(104,800	)
Individual company net income	$	(278,800	)		$	(156,000	)
Consolidated net income									$	(305,000	)
Noncontrolling interest in consolidated net income										(26,200	)
Consolidated net income attributable to Austin									$	(278,800	)

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 60,000 shares of common stock and 7,000 shares of preferred stock outstanding. Owners of the preferred stock are paid an annual dividend of $60,000, and each share can be exchanged for six shares of common stock.
• Rio Grande has 33,000 shares of common stock outstanding. The company also has 8,000 stock warrants outstanding. For $15, 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 $35,000. These bonds can be exchanged for 14,000 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.)

	Earnings Per Share
Basic	$3.65
Diluted