Walker Machine Tools has 6 million shares of common stock outstanding. The current market price of Walker common stock is $62 per share rights-on. The companys net income this year is $20.00 million. A rights offering has been announced in which 600,000 new shares will be sold at $56.50 per share. The subscription price plus nine rights is needed to buy one of the new shares.

a. What are the earnings per share and price-earnings ratio before the new shares are sold via the rights offering? (Do not round intermediate calculations and round your answers to 2 decimal places.)

Earnings per share
Price-earnings ratio