Information from the financial statements of Ames Fabricators, Inc., included the following: December 31 2021 2020 100,000 100,000 Common shares Convertible preferred shares (convertible into 90,000 shares of common) 8% convertible bonds (convertible into 30,000 shares of common) 34,800 34,800 $1,000,000 $1,000,000 Ames's net income for the year ended December 31, 2021, is $880,000. 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.) X Answer is complete but not entirely correct. Basic Diluted Numerator $ 706 $ 1,132 Denominator 100 220 = = = Earnings per Share $ 7.06 $ 5.15