Jabroni Corporation has a net income of $280,000 for the year ended December 31, 20XX, and common shares outstanding of 100,000. The company did not issue or repurchase additional common shares during the year. Jabroni Corporation had 5,000 shares of convertible preferred stock, convertible into two shares of common stock for each share of preferred stock. Dividends paid during the year were $20,000 on the preferred stock and $100,000 on the common stock.The current tax rate applicable to Jabroni Corporation is 30%.

1. what is the Basic EPS?

2. What is the diluted earnings per share for the year ended December 31, 20XX.