At January 1, 2024, M. E. Gainor Corporation had outstanding the following securities: 730 million common shares 20 million 5% cumulative preferred shares, $50 par 6.4% convertible bonds, $2,000 million face amount, convertible into 60 million common shares The following additional information is available: - On September 1, 2024, M. E. Gainor sold 84 million additional shares of common stock. - Incentive stock options to purchase 50 million shares of common stock after July 1, 2023, at \$10 per share, were outstanding at the beginning and end of 2024. The average market price of Gainor's common stock was \$25 per share during 2024. - Gainor's net income for the year ended December 31, 2024, was $2,182 million. The effective income tax rate was 25%. Required: 1. \& 2. Calculate basic and the diluted earnings per common share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places
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