Problem $19-17($Static$)$ EPS; options; convertible preferred; additional shares

$[$LO$19-4,19-5,19-6,19-7,19-8,19-9]$

On January $1,2024,$ Jaewoo Industries had outstanding $440,000$ common shares $($ $$1$ 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 $31,2024.$

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.