On December 31, 2021 Bittan Corp.'s long term liabilities and stockholders' equity include:

• $1,500,000 of 6% bonds payable. The bonds are convertible into 33,000 shares of common stock.
• 100,000 shares of preferred stock issued and outstanding, $100 par, 4% dividend.
• 7,500,000 shares of common stock issued and outstanding, $2 par.
• 300,000 common stock options outstanding with an exercise price of $8.00.

During 2022:

• 600,000 shares of common stock were issued for cash on October 1.
• Dividends of $4.00 per share were paid to preferred shareholders and $0.75 per share to common shareholders.
• Net income of $17,200,000 was reported on the income statement.
• Bittan's tax rate was 30%.
• The average price of Bittan's common stock was $10.00 per share.

Required:

Calculate Bittan's 2022 basic and diluted earnings per share. You must show your work for any partial credit, where earned, to be awarded.