Angelo Ltd., a public company, had 600,000 common shares outstanding at the beginning of 20X4. On 1 March 20X4, Angelo purchased and retired 120,000 shares that had been owned by one of the company founders. On 30 June, the company issued 60,000 shares to a venture capital firm upon maturity of a $100,000 10% mandatorily convertible debenture. On 30 September, the company issued 120,000 new shares for cash. Angelo Ltd.’s after-tax 20X4 earnings amounted to $1,200,000.

Required:
Compute basic EPS.