SMU Corp. reported net income of $30,000 for 2024. The income tax rate during 2024 is 30%. On January 1st, 2024, there were 10,000 common shares outstanding. On April 1st, the firm issued 1,000 shares. On October 1st, the firm repurchased 500 shares. SMU also had 1,000 shares of preferred shares. Each preferred share pays a dividend of $2 per year and is convertible into 5 common shares. During 2023, SMU issued $60,000 bonds with a 10% interest rate. Each $1,000 bond is convertible into 12 ordinary shares. These bonds are outstanding for the entire 2024. Finally, SMU has 3,000 options with an exercise price of $35 outstanding. Over the year, its market price averaged $50 per share.
Required: Compute SMU's basic EPS for the year ended December 31, 2024.