Why are incandescent light bulbs considered to be lower efficiency than LED bulbs?

#1: A greater percentage of the energy output of the incandescent bulb goes toward heat.

#2: A greater amount of energy is required for the same light output from the LED bulb.

#3: A smaller amount of energy is wasted by the incandescent bulb.

#4: A smaller percentage of the energy output of the LED bulb goes toward light.