Northwest Stamping began the current year with 410,000 common shares outstanding and issued an additional 120,000 shares on September 1. The firm has $11,500,000, 1.5% convertible bonds outstanding for a full year (i.e., $172,500 coupon interest per year), which are convertible into 328,000 shares of common stock. The firm issued the bonds at par and did not convert any during the current year. It also had $1,170,000 par value, 3% nonconvertible, noncumulative preferred stock outstanding for the full year and declared dividends for the current year. The company is subject to a 30% tax rate and net income is $4,500,000.

Requirement

Based on this information, compute basic and diluted earnings per share for the current year. Compute the basic earnings per share for the current year. (Round the earnings per share (EPS) to the nearest cent, X.XX.)

Basic EPS = ?

Dilluted EPS = ?