On January 1, 2018, Tonge Industries had outstanding 800,000 common shares ($1 par) that originally sold for $20 per share, and 3,000 shares of 10% cumulative preferred stock ($100 par), convertible into 30,000 common shares. On October 1, 2018, Tonge sold and issued an additional 20,000 shares of common stock at $36. At December 31, 2018, there were 28,000 incentive stock options outstanding, issued in 2017, and exercisable after one year for 28,000 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 $940,000. The tax rate for the year was 40%.
Required:
Compute basic and diluted EPS for the year ended December 31, 2018. (Enter your answers in thousands.)
Numerator 1 Denominator II Earings per share
Basic
Diluted

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