Stanley Department Stores reported net income of $720,000 for the year ended December 31, 2024. Additional Information: Common shares outstanding at January 1,2024 Incentive stock options (vested in 2023) outstanding throughout 2024 (Each option is exercisable for one common share at an exercise price of $37.50. ) During the year, the market price of Stanley's common stock averaged $45 per share. On August 30, Stanley sold 15,000 common shares. Stanley's only debt consisted of $50,000 of 10% short-term bank notes. The company's income tax rate is 25%. Required: Compute Stanley's basic and diluted earnings per share for the year ended December 31 , 2024