Information from the financial statements of Flip, Incorporated included the following:

	12/31/2024	12/31/2023
Common Shares	100,000	100,000
Convertible preferred shares (convertible into 76,000 shares of common)	28,800	28,800
8% convertible bonds (convertible into 30,000 shares of common)	$1,000,000	$1,000,000

Flips net income for the year ended December 31, 2024, is $780,000.

The income tax rate is 25%.

Flip paid dividends of $5 per share on its preferred stock during 2024.

Required:

Compute basic and diluted earnings per share for the year ended December 31, 2024.