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 32,000 shares of common) 8% convertible bonds (convertible into 30,000 shares of common) 12,000 12,000 $1,000,000 $1,000,000 Ames's net income for the year ended December 31, 2021, is $500,000. 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.) Numerator Denominator Earnings per Share Basic $ 440,000 100,000 = $ 4.40 Diluted $ 560,000 162,000 $ 3.46 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted