On January 1, 2024, Jaewoo Industries had outstanding 520,000 common shares ($1 par) that originally sold for $25 per share, and 8,000 shares of 10% cumulative preferred stock ($100 par), convertible into 80,000 common shares. On October 1, 2024, Jaewoo sold and issued an additional 16,000 shares of common stock at $41. At December 31, 2024, there were 24,000 incentive stock options outstanding, issued in 2023, and exercisable after one year for 24,000 shares of common stock at an exercise price of $38. The market price of the common stock at year-end was $56. During the year, the price of the common shares had averaged $48. Net income was $660,000. The tax rate for the year was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2024