Information from the financial statements of Ames Fabricators, Inc., included the following: Common shares Convertible preferred shares (convertible into 64,000 shares of common) 8% convertible bonds (convertible into 30,000 shares of common) December 31 2021 100,000 2020 100,000 24,000 24,000 $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 (For example, 100,000 should be entered as 100). Do not round intermediate calculations.) > Answer is complete but not entirely correct. Numerator Denominator = Earnings per Share Basic Diluted $ 550,000 / $ 760,000 / 100,000 = $ 5.50 194,000 = 3.92