The convertible bonds were issued at par on April 1, 20X1 and are convertible into Prince's common stock at a ratio of 25 shares of stock to 1 bond. Prince did not have any treasury stock at December 31, 20X0 and purchased the 9,000 shares evenly throughout 20X1. The average price of the common stock for the year was $40, and the year-end price was $45. Prince Corp. also has 60,000 outstanding and exercisable qualified employee stock options. Employees obtain one share of stock for each option exercised. The exercise price for each option is $21 per share. Prince's net income for the year ended 20X1 was $292,500. Its tax rate for the year was 35% Required: 1. Compute basic EPS for the year ended December 31, 20X1. Show all computations. 2. Compute diluted EPS for the year ended December 31, 20X1. Show all computations.