One company had 25,000 common shares outstanding during all of 2020. It also had 10,000 cumulative preferred shares, issued in 2018 and crediting an annual dividend of $ 5 per share. The company did NOT declare a dividend in 2018, 2019 and 2020. There are also convertible bonds in circulation issued in 2019 whose interest expense for 2020 was $ 60,000. The bonds are convertible into 15,000 common shares. As of December 31, 2020, no bonds had been converted. The net income for 2020 was $ 150,000 and the tax rate is 25%.

Determine basic and diluted earnings per share for the year 2020.