Sheffield Ltd. had 60,000 common shares outstanding throughout its fiscal year ending December 31, 2023. The company also had outstanding a convertible bond with a face value of $979,000 that had been issued in 2014. The bond paid 10% interest per year and was convertible to 7,900 common shares. Sheffield had net income for 2023 of $540,000 and was subject to a 25% income tax rate. (For simplicity, ignore the requirement to record the debt and equity portions of the convertible bond separately) Calculate basic and diluted earnings per share.