Woolery, Inc. had 60,000 shares of common stock outstanding at January 1, 2021. On April 30. 2021, an additional 12,000 shares were sold for cash. Woolery also had $4,000,000 of 5% convertible bonds outstanding throughout the year. The bonds are convertible into 40,000 shares of common stock. Net income for the year was $360,000. The tax rate is 20%. Required: Compute basic and diluted earnings per share (rounded to 2 decimal places) for the year ended December 31, 2021. Show all computations