Rudyard Corporation had 120,000 shares of common stock and 12,000 shares of 6%, $100 par convertible preferred stock outstanding during the year. Net income for the year was $420,000 and dividends were paid to both common and preferred shareholders. Rudyard's effective tax rate is 35%. Each share of preferred stock is convertible into five shares of common.

What is Rudyard's basic and diluted EPS?