Woolery, Inc. had 50,000 shares of common stock outstanding at January 1, 2021. On March 31, 2021, an additional 12,000 shares were sold for cash. Woolery also had $4,000,000 of 6% convertible bonds outstanding throughout the year. The bonds are convertible into 40,000 shares of common stock. Net income for the year was $350,000. The tax rate is 25%. Required: Compute basic and diluted earnings per share for the year ended December 31, 2021. (Show your work and Round your answers to 2 decimal places.)