The income statements of Pop Corporation and its 80 percent-owned subsidiary, Son Corporation, for 2016 are as follows:

Pop had 10,000 shares of common stock and 1,200 shares of $100 par, 10 percent cumulative preferred stock outstanding throughout 2016. Son had 20,000 shares of common stock and warrants to purchase 5,000 shares of Son common stock at $24 outstanding throughout 2016. The average market price of Son common stock was $30 per share.
REQUIRED:
Compute Pop's (and consolidated) basic and diluted EPS.

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Pop Son Sales Income from Son (see note) Cost of sales Expenses $1,270,000 13,920 (700,000) (462,000) 121,920 (41,453) $ 80,467 $740,000 (470,000) (230,000) 40,000 (13,600) $ 26,400 Income before taxes Provision for income taxes Net income