On January 1, 2024, Jaewoo Industries had outstanding 440,000 common shares ($l par) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock ($100 par), convertible into 40,000 common shares.
∙ On October 1, 2024, Jaewoo sold and issued an additional 16,000 shares of common stock at $33.
∙ At December 31, 2024, there were 20,000 incentive stock options outstanding, issued in 2023, and exercisable after one year for 20,000 shares of common stock at an exercise price of $30.
∙ The market price of the common stock at year-end was $48.
∙ During the year, the price of the common shares had averaged $40.
∙ Net income was $650,000. The tax rate for the year was 25%.

Required:
Compute basic and diluted EPS for the year ended December 31, 2024.