Martin Inc. is a public company that is IFRS compliant. It has a 31 December year-end date. The following select SCI information is provided for Martin Inc. for the 31 December 20X5 year-end:
• Net income: $1,400,000
• Tax rate: 35%
The following select SFP information is provided for Martin Inc. at 31 December 20X5:
• Short-term bank loan payable: $500,000
• Shareholder loan payable: $250,000
• 11% bonds payable: $3,000,000
• 8% convertible bonds payable: $6,000,000
• Common shares, unlimited number authorized, 1,000,000 shares issued and outstanding: $5,000,000
• Preferred shares, $3.00 cumulative, 100,000 shares authorized, 35,000 shares issued and outstanding: $2,000,000
Additional information:
1. Prior to 20X5, Martin Inc. issued options to purchase 100,000 shares at $20/share. During 20X5 no options were exercised. The average price per common share during 20X5 was $25. 

2. Bonds had previously been issued at face value.
3. The convertible bonds convert to common shares at 80 shares per $1,000 bond in 20X8.
4. No common or preferred shares were issued during 20X5.

Required:
For 20X5 and rounding to 1 decimal:
1. Calculate basic EPS
2. Calculate diluted EPS