Little, Inc., reported earnings of \($159,000\) for 2016, and at the end of the year, had the following securities outstanding:

1. 60,000 shares of common stock. (The year-end share price was \($25\) per share.)

2. Employee stock options for the purchase of 8,000 common shares at an exercise price of \($22\) per share.(The options are fully vested.)

Calculate the (a) basic earnings per share and (b) diluted earnings per share for Little, Inc. for 2016.