On January 1, 2021, Tonge industries had outstanding 500,000 common shares ( $1 par) that originally sold for $20 per share, and 7,000 shares of 10% cumulative preferred stock ( $100 par), convertible into 70,000 common shares. On October 1, 2021, Tonge sold and issued an additional 12,000 shares of common stock at $39. At December 31, 2021, there were 23,000 incentive stock options outstanding, Issued in 2020, and exercisable after one year for 23,000 shares of common stock at an exercise price of $36. The market price of the common stock at year-end was $54. During the year, the price of the common shares had averaged $46. Net income was $640,000. 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.)