On January 1, 2021, Tonge Industries had outstanding 480,000 common shares (\$1 par) that originally sold for $30 per share, and 6,000 shares of 10% cumulative preferred stock ( $100 par), convertible into 60,000 common shares. On October 1, 2021, Tonge sold and issued an additional 16,000 shares of common stock at $37. At December 31 , 2021, there were 22,000 incentive stock options outstanding, issued in 2020 , and exercisable after one year for 22,000 shares of common stock at an exercise price of $34. The market price of the common stock at year-end was $52. During the year, the price of the common shares had averaged $44 Net income was $620,000. The tax rate for the year was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2021. (Enter your answers in thousands (i.e., 100,000 should be entered as 100 ). Round "Earnings per share" answers to 2 decimal places.)