On December 31, 2012, Heffner Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 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 $180,905. 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 commonshares averaged $50 during 2013

Compute basic and diluted earnings per share (rounded to 2 decimal places) for Heffner Company for 2013.