StarStruck Inc. granted 500 shares of restricted stock (common shares, ($ 1) par) to its president on

Question:

StarStruck Inc. granted 500 shares of restricted stock (common shares, $\$ 1$ par) to its president on January 1, 2020, when the stock was trading at $\$ 40$ per share. Net income for 2020 was $\$ 250,000$ and 40,000 shares were outstanding throughout 2020 . On average, the fair value of common shares in 2020 was $\$ 40$ per share. The restricted shares vest after 3 years if the president remains with the company.

Required

a. Compute basic EPS.

b. Compute diluted EPS

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