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Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The companies balance sheets as of December 31, 20X4, were as follows:

	Punch Manufacturing Corporation					Short Retail Stores
Assets
Cash		$	51,000				$	31,000
Accounts Receivable			107,000					87,000
Inventory			250,000					135,000
Land			115,000					85,000
Buildings and Equipment			500,000					330,000
Less: Accumulated Depreciation			(240,000	)				(135,000	)
Investment in Short Retail Stores			140,000
Total Assets		$	923,000				$	533,000
Liabilities and Equity
Accounts Payable		$	93,000				$	58,000
Bonds Payable			270,000					200,000
Preferred Stock ($10 par value)			200,000					100,000
Common Stock:
$10 par value			150,000
$5 par value								100,000
Retained Earnings			210,000					75,000
Total Liabilities and Equity		$	923,000				$	533,000

Short Retails 8 percent preferred stock is convertible into 14,000 shares of common stock, and its 10 percent bonds are convertible into 8,000 shares of common stock. Short reported net income of $51,400 for 20X4 and paid dividends of $30,400. Punch Manufacturing has 11 percent preferred stock and 12 percent bonds outstanding, neither of which is convertible. Punch reported after-tax income, excluding investment income from Short, of $115,000 in 20X4 and paid dividends of $69,000. The companies file separate tax returns and are subject to a 40 percent income tax. Required: Compute basic and diluted EPS for the consolidated entity. (Round your intermediate calculations and final answers to two decimal places.)

Basic earnings per share:

Diluted earnings per share: