Please add the tax rate into your working...

Problem 19-17 (Algo) EPS; options; convertible preferred; additional shares [LO19-4, 19-5, 19-6, 19-7, 19-8, 19-9]

On January 1, 2024, Jaewoo Industries had outstanding 500,000 common shares ($1 par) that originally sold for $20 per share, and 7,000 shares of 10% cumulative preferred stock ($100 par), convertible into 70,000 common shares.

On October 1, 2024, Jaewoo sold and issued an additional 12,000 shares of common stock at $39. At December 31, 2024, there were 23,000 incentive stock options outstanding, issued in 2023, and exercisable after one year for 23,000 shares of common stock at an exercise price of $36.

The market price of the common stock at year-end was $54.

During the year, the price of the common shares had averaged $46. Net income was $640,000. The tax rate for the year was 25%

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

Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in thousands (i.e., 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places.