Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The companies balance sheets as of December 31, 20X4, were as follows:

	Punch Manufacturing	Short Retail Stores
Assets
Cash	50,000	30,000
Accounts Receivable	104,000	84,000
Inventory	270,000	130,000
Land	105,000	75,000
Buildings & Equipment	510,000	300,000
Less: Accumulated Depreciation	(220,000)	(135,000)
Investment in Short Retail Stores	120,000
Total Assets:	939,000	484,000
Liabilities and Equity
Accounts Payable	139,000	34,000
Bonds Payable	250,000	200,000
Preferred Stock ($10 par value)	200,000	100,000
Common Stock:
$10 par value	150,000
$5 par value		100,000
Retained Earnings	200,000	50,000
Total Liabilities and Equity	939,000	484,000

Short Retails 8 percent preferred stock is convertible into 13,000 shares of common stock, and its 10 percent bonds are convertible into 8,000 shares of common stock. Short reported net income of $50,400 for 20X4 and paid dividends of $30,200. Punch Manufacturing has 11 percent preferred stock and 12 percent bonds outstanding, neither of which is convertible. Punch reported after-tax income, excluding investment income from Short, of $105,000 in 20X4 and paid dividends of $63,000. The companies file separate tax returns and are subject to a 40 percent income tax.

Required: Compute basic and diluted EPS for the consolidated entity. (Round your intermediate calculations and final answers to two decimal places.)

Basic Earnings Per Share
Diluted Earnings Per Share