Information regarding Fujing Ltd:
• Common shares outstanding on 31 December 20X1: 80,000. The company had issued 30,000 shares under a contingent share agreement on 1 December 20X2. It had also issued 40,000 common shares when preferred shares converted on 30 September 20X2.
• The average price of common shares was $15.
• The 30,000 shares issued under a contingent share agreement were issued under an agreement with a previously acquired company. The agreement stated that if a lawsuit that had been filed against this acquired company (before it was acquired by Fujing) were to be dismissed in court action, then 30,000 shares would be issued. The court dismissed the lawsuit in late November, and shares were issued on 1 December.
• A second contingent share agreement related to profit levels of a target company. This contingent share agreement calls for an additional 60,000 common shares to be issued in 20X5 if 20X2, 20X3, and 20X4 earnings from the target company each reach a certain level. This level was attained in 20X2.
• Preferred shares, $2, cumulative: these shares were convertible 5-for-1. At the beginning of the year, 40,000 shares were outstanding and 10,000 shares converted on 30 September 20X2. The dividend is paid quarterly.
• Fujing Ltd. has $3,000,000 par value convertible bonds outstanding. There is $104,000 in a common stock conversion rights account with respect to the bonds. The bonds are convertible into 50,000 common shares. Interest paid on the bond was $180,000, and there was discount amortization of $17,000. The bonds are convertible at any time before their maturity date in 20X20.
• Net earnings in 20X2, $491,250.
• The tax rate was 25%.

Required:
Calculate basic and diluted EPS for 20X2.