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Stanley Department Stores reported net income of $720,000 for the year ended December 31, 2024....

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Question

Accounting

Stanley Department Stores reported net income of $720,000 for the year ended December 31, 2024.

Additional Information:

Common shares outstanding at January 1, 2024 80,000
Incentive stock options (vested in 2023) outstanding throughout 2024 24,000
(Each option is exercisable for one common share at an exercise price of $37.50.)
During the year, the market price of Stanleys common stock averaged $45 per share.
On August 30, Stanley sold 15,000 common shares.
Stanleys only debt consisted of $50,000 of 10% short-term bank notes.
The companys income tax rate is 25%.

Required:

Compute Stanleys basic and diluted earnings per share for the year ended December 31, 2024.

Note: Do not round intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10).

Please do all procedures, need numerators an denominators for both computes

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