Computing Diluted EPS: Stock Options Rand Inc. had net income of $1,040,000. During the year, 240,000 shares were outstanding on average and Rand's common stock sold at an average market price of $50 per share. In addition, Rand had 24,000 stock options outstanding to purchase a total of 24,000 common shares at $25 for each option exercised. Required a. Compute basic EPS. b. Compute diluted EPS. Note: Round earnings per share amounts to two decimal places. Net Income Available to weighted Avg. Common Per Common Stockholders Shares Outstanding Share Basic EPS $ 0 0 $ 0 Diluted EPS $ 0 0 $ 0