Searay Corporation has a net profit of $$500,000$ in $2024,$ and it has $3,000,000$ common shares outstanding that sell on the open market for an average of $$15$ per share. Currently, SPI$-$B has $450,000$ options outstanding that could be converted to common shares at $$8$ each.

Required:

Calculate the basic earnings per share for $2024.(5$ marks$)$

Now calculate the diluted earnings per share. $(15$ marks$)$