On January 1, 2024, Jaewoo Industries had outstanding 640,000 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 12,000 shares of common stock at $40. - At December 31, 2024, there were 28,000 incentive stock options outstanding, issued in 2023 , and exercisable after one year for 28,000 shares of common stock at an exercise price of $30. - The market price of the common stock at year-end was $48. - During the year, the price of the common shares had averaged $40. - Net income was $780,000. The tax rate for the year was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in thousands (i.e., 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. On January 1, 2024, Jaewoo Industries had outstanding 640,000 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 12,000 shares of common stock at $40. - At December 31, 2024, there were 28,000 incentive stock options outstanding, issued in 2023 , and exercisable after one year for 28,000 shares of common stock at an exercise price of $30. - The market price of the common stock at year-end was $48. - During the year, the price of the common shares had averaged $40. - Net income was $780,000. The tax rate for the year was 25%. Required: Compute basic and diluted EPS for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in thousands (i.e., 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places