On 1 October 2019, Etta Co had 25 million equity shares of 50 cents each. No new shares were issued during the year ended 30 September 2020. However, on that date, there was an outstanding share option to purchase 2 million equity shares at $1.20 each. The average value of equity shares during the year to September 30, 2020, was $3. Etta's profit after tax for the year-end was $1,550,000. Calculate the basic and diluted earnings per share for Etta.