Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The companies' balance sheets as of December 31 20X4, were as follows:

	Punch Manufacturing Corporation	Short Retail Stores
Assets
Cash	$ 53,000	$ 33,000
Accounts Receivable	102,000	82,000
Inventory	260,000	125,000
Land	110,000	80,000
Buildings and Equipment	500,000	330,000
Less: Accumulated Depreciation	(225,000)	(130,000)
Investment in Short Retail Stores	124,000
Total Assets	$ 924,000	$ 520,000
Liabilities and Equity
Accounts Payable	$ 94,000	$ 55,000
Bonds Payable	280,000	200,000
Preferred Stock ($10 par value)	200,000	110,000
Common Stock:
$10 par value	150,000
$5 par value		100,000
Retained Earnings	200,000	55,000
Total Liabilities and Equity	$ 924,000	$ 520,000

Short Retail's 8 percent preferred stock is convertible into 16,000 shares of common stock, and its 10 percent bonds are convertible into 8,000 shares of common stock. Short reported net income of $54,600 for 20X4 and paid dividends of $30,500.

Punch Manufacturing has 11 percent preferred stock and 12 percent bonds outstanding, neither of which is convertible. Punch reported after-tax income, excluding investment income from Short, of $120,000 in 20X4 and paid dividends of $69,000. The companies file separate tax returns and are subject to a 40 percent income tax.

Required:

Compute basic and diluted EPS for the consolidated entity.