(Solved): On December 31,2023 , Berclair Incorporated had 200 million shares of common stock and 3 million s ...

On December 31,2023 , Berclair Incorporated had 200 million shares of common stock and 3 million shares of \( 9 \%, \$ 100 \) par value cumulative preferred stock issued and outstanding. - On March 1, 2024, Berclair purchased 24 million shares of its common stock as treasury stock. - Berclair issued a 5\% common stock dividend on July 1, 2024. - Four million treasury shares were sold on October 1. - Net income for the year ended December 31, 2024, was \( \$ 150 \) million. - The income tax rate is \( 25 \% \). - Also outstanding at December 31 were incentive stock options granted to key executives on September \( 13,2019 \). - The options are exercisable as of September 13, 2023, for 30 million common shares at an exercise price of \( \$ 56 \) per share. - During 2024 , the market price of the common shares averaged \( \$ 70 \) per share. - In 2020, \( \$ 50 \) million of \( 8 \% \) bonds, convertible into 6 million common shares, were issued at face value. Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2024. (Shares for stock options and conversion of convertible securities have been adjusted for any stock split or stock dividend.) Note: Do not round intermediate calculations. Enter your answers in millions (i.e., \( 10,000,000 \) should be entered as 10 ).