Compute the basic & diluted earnings per share for XYZ for 2024.

On January 1,2024, XYZ Company had 200,000 shares of $0.25 par common stock outstanding. On May 1,2024, XYZ sold 30,000 shares of common stock for $56 per share. XYZ had the following preferred stock and bonds outstanding on January 1, 2024. All securities had been sold at par or face value. XYZ had stock options outstanding on January 1,2024, for the purchase of 20,000 shares of common stock for $30 per share. On October 1,2024 , options were granted for the purchase of an additional 40,000 shares at $45 per share. The average market price of the common stock for 2024 was $60 per share. XYZ paid no dividends during 2024 . The 2024 net income was $1,026,000. The income tax rate is 30%. INSTRUCTIONS: Compute the basic and diluted earnings per share for XYZ for 2024