On December 31, 2020, Jackson Company had 100,000 shares of common stock outstanding and 27,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Jackson purchased 14,000 shares of common stock on the open market as treasury stock for $25 per share. Jackson sold 5,000 treasury shares on September 30, 2021, for $27 per share. Net income for 2021 was $170,905. Also outstanding during the year were fully vested incentive stock options giving key executives the option to buy 40,000 common shares at $30. The market price of the common shares averaged $29 during 2021.

Required: Compute Jackson's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.)