On December 31, 2023, Bae Compony had outstanding 400,000 shares of common stock and 40,000 shares of 8\% cumulative preferted stock (par $10 ). The preferred stock was convertible into 30,000 shares of common stock. On February 28. 2024, Bae issued an additional 36,000 shares of common stock. A 10\% stock dividend was declared and distributed on July 1, 2024. On September 1, 2024,9,000 shares were retired. At year-end, there were fully vested incentive stock options outstanding for 30.000 shares of common stock (adjusted for the stock dividend) The exercise price was $18. The market price of the common stock averaged $20 during the year. Also outstanding were $1,000,000 face amount of 10% convertible bonds issued in 2021 and convertible into 50,000 common shares fodjusted for the stock dividend). Net income was \$900,000. The tax rate for the year was 25\%. Required: Compute basic and diluted EPS for the year ended December 31, 2024. Note: Round your answers to 2 deelmal places