Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020 Common shares 100,000 100,000 Convertible preferred shares (convertible into 64,000 shares of common) 24,000 24,000 8% convertible bonds (convertible into 30,000 shares of common) $1,000,000 $1,000,000 Ames's net income for the year ended December 31, 2021, is $700,000. The income tax rate is 25%. Ames paid dividends of $5 per share on its preferred stock during 2021. Required: Compute basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in thousands. Do not round intermediate calculations.) Numerator 1 Denominator = Earnings per Share Basic Diluted