On December 31, 2012, Heffner Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $100 par, cumulative preferred stock outstanding. On February 28, 2013, Heffner purchased 24,000 shares of common stock on the open market as treasury stock paying $45 per share. Heffner sold 6,000 of the treasury shares on September 30, 2013, for $47 per share. Net income for 2013 was $540,000. The income tax rate is 40%. Also outstanding at December 31, 2012, were fully vested incentive stock options giving key personnel the option to buy 50,000 common shares at $40. The market price of the common shares averaged $50 during 2013. Five thousand 6% bonds were issued at par on January 1, 2013. Each $1,000 bond is convertible into 125 shares of common stock. None of the bonds had been converted by December 31, 2013, and no stock options were exercised during the year. Compute basic and diluted earnings per share (rounded to 2 decimal places) for Heffner Company for 2013.