Hong Pak Company had $200,000$ shares of common stock outstanding on December $31,2023.$ On July $1,2024,$ Hong Pak issued an

additional $50,000$ shares for cash. On January $1,2024,$ Hong Pak Issued $20,000$ shares of convertible preferred stock. The preferred

stock had a par value of $$100$ per share and paid a $5\%$ dividend. Each share of preferred stock is convertible into $8$ shares of common.

During $2024,$ Hong Pak paid the regular annual dividend on the preferred and common stock. Net income for the year was $$300,000.$

Required:

Calculate Hong Pak's basic and diluted earnings per share for $2024.$

Note: Round your answers to $2$ decimal places.