On January 1, 2024, Jaewoo Industries had outstanding 700,000 common shares ($1 par) that originally sold for $25 per share, and 5,000 shares of 10% cumulative preferred stock ($100 par), convertible into 50,000 common shares.

On October 1, 2024, Jaewoo sold and issued an additional 12,000 shares of common stock at $37.

At December 31, 2024, there were 22,000 incentive stock options outstanding, issued in 2023, and exercisable after one year for 22,000 shares of common stock at an exercise price of $34.

The market price of the common stock at year-end was $52.

During the year, the price of the common shares had averaged $44.

Net income was $840,000. The tax rate for the year was 25%.

Required:

Compute basic and diluted EPS for the year ended December 31, 2024.