Information concerning the capital structure of the Petrock Corporation is as follows: Common stock Convertible preferred stock 8%, $1,000 par, convertible bonds December 31, 20x0 20x1 90,000 shares 90,000 shares 10,000 shares 10,000 shares $1,000,000 $1,000,000 During 20X1, Petrock paid dividends of $1 per share on its common stock and $2.40 per share on its preferred stock. The preferred stock is convertible into 20,000 shares of common stock. The 8% convertible bonds are convertible into 30,000 shares of common stock. The net income for the year ending December 31, 20X1, was $285,000, and the company's income tax rate was 21%. Required: 1. What was basic EPS for 20X1? 2. What was diluted EPS for 20x1? (For all requirements, round your answers for "Earnings per share" to 2 decimal places.) Answer is complete but not entirely correct. Number of shares used in EPS computation Earnings used in EPS computation Earnings per share EPS for 20X1 Basic Diluted 90,000 120,000 X $ 261,000 $ 265,800 X $ 2.90S 2.22 X