Stanley Department Stores reported net income of $776,000 for the year ended December 31, 2016.

Additional Information:

Common shares outstanding at Jan. 1, 2016	90,000
Incentive stock options (vested in 2015) outstanding throughout 2016	24,000
(Each option is exercisable for one common share at an exercise price of $23.00)
During the year, the market price of Stanleys common stock averaged $27.6 per share.
On Aug. 30 Stanley sold 15,000 common shares.
Stanleys only debt consisted of $36,000 of 10% short term bank notes.
The companys income tax rate is 40%.

Required:

Compute Stanleys basic and diluted earnings per share for the year ended December 31, 2016.

Basic EPS: Numerator / Denominator = Earnings per Share

Diluted EPS: Numerator / Denominator = Earnings per Share