on January 1, 2021 Tonge Industries had outstanding 540,000 common shares ($1 par) that originalky sold for $30 per share, 3,000 shares of 10%

On January 1, 2021. Tonge Industries had outstanding 540,000 common shares (\$1 par) that originally sold for $30 per share, and 3.000 shares of 10% cumulative preferred stock ( $100 par), convertible into 30,000 common shares. On October 1, 2021, Tonge sold and issued an additional 20,000 shares of common stock at $43. At December 31, 2021, there were 25,000 incentive stock optlons outstanding. Issued in 2020 , and exercisable after one year for 25,000 shares of common stock at an exercise ptice of $40. The market price of the common stock at year-end was $58. During the year, the price of the common shares had averaged $50. Net income was $680,000. 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 (1.e., 100,000 should be entered as 100). Round "Earnings per share" answers to 2 decimal places.)