For the year ending 30 June 2024, Granite Ltd reports the following:

1. Net profit after tax of $1.2 million.

2. Granite Ltd commenced the year with 400 000 fully paid ordinary shares. During the year the company:

• Issued 80 000 fully paid ordinary shares on 1 November 2023 at the prevailing market price
• Purchased back 50 000 fully paid ordinary shares on 1 March 2024 at the prevailing market price
• Issued 100 000 partly paid ordinary shares on 1 June 2024 at an issue price of $2.00. The shares were partly paid to $1.00. The partly paid shares carry the right to participate in dividends in proportion to the 
• Amount paid as a fraction of the issue price.

3. For the entire year, Granite Ltd had 500 000 $1.00 preference shares, which provide dividends at a rate of 10 percent per year. The dividend rights are cumulative. The preference shares were disclosed as equity.

REQUIRED

Compute the basic earnings per share for Granite Ltd for 2024.