ABC Company reported $950,000 in net income and its weighted average shares outstanding for the year is 200,000 shares. In prior years it sold $2,000,000 of 8% long-term bonds at par which are still outstanding. The bonds are convertible into 50,000 shares of common stock. The tax rate for all years is 40%. If ABC has no other potentially dilutive securities and no preferred stock, what are basic and diluted EPS?
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