On December 31, 2020, Dow Steel Corporation had 670,000 shares of common stock and 307.000 shares of 7%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $470,000 and $76,000 to common and preferred shareholders, respectively, on December 15, 2021 On February 28, 2021 Dow sold 51,000 common shares. In keeping with its long-term share repurchase plan, 4.000 shares were retired on July 1. Dow's net income for the year ended December 31, 2021 was $2.450,000. The income tax rate is 25%. Also, as a part of a 2020 agreement for the acquisition of Merril Cable Company, another 30,000 shares (already adjusted for the stock dividends are to be issued to former Merrill shareholders on December 31, 2022, Merrils 2022 net income is at least $570,000. In 2021, Merri's net income was $700,000 As part of an incentive compensation plan, Dow granted incentivestock options to division managers at December 31 of the current and each of the previous two years. Each option permits its holder to buy one share of common stock at an exercise price equal to market value at the date of grant and can be exercised one year from that date. Information concerning the number of options granted and common share prices follows: Options Grated (adjusted for the stock dividend Share Price December 31, 2019 16.000 December 31, 2020 5.000 529 December 3, 2011 bate Grant 520 The stock options issued in 2019 were not exercised in 2020 or 2021 The market price of the common stock averaged 528 per share during 2021 On July 12,2019, Dow issued $500,000 of convertible 8% bonds of face value. Each $1000 bond is convertible into 62 common shares injusted for the stock dividend) Required: Compute Dow's basic and diluted eamings per share for the year ended December 31, 2021. (Enter your answers in thousands Round "Earnings per share" answers to 2 decimal places. Do not round intermediate calculations) Denominator Earnings per share Do'stas Dow's 1