Hong Pak Company had 200,000 shares of common stock outstanding on December 31, 2023. On July 1, 2024, Hong Pak issued an additional 51,000 shares for cash. On January 1, 2024, Hong Pak issued 19,000 shares of convertible preferred stock. The preferred stock had a par value of $100 per share and paid a 6% dividend. Each share of preferred stock is convertible into 8 shares of common. During 2024, Hong Pak paid the regular annual dividend on the preferred and common stock. Net income for the year was $310,000. Required: Calculate Hong Pak's basic and diluted earnings per share for 2024. Note: Round your answers to 2 decimal places